Argus Research Keeps Their Buy Rating on AvalonBay (AVB)We are maintaining our BUY rating on AvalonBay Communities Inc. (NYSE: AVB), a REIT that develops, owns, and operates upper-tier apartment communities. We like AVB’s broad geographic exposure, growing asset development plans and financial strength, and believe that it has strong opportunities in the upper-tier apartment market, which has high barriers to entry. The company’s assets are located in 20 top urban markets in 12 states, and its current expansion efforts focus on cities and first- ring suburbs that have favorable demographics, including rising employment and high wages. The typical affluent customer helps AVB maintain pricing power, and upscale communities have also attracted a younger generation who are delaying marriage and children until their 30s, or who are priced out of mid-tier homes.