Apartment Income REIT price target lowered by $4 at Truist, here’s why

Truist analyst Michael Lewis lowered the firm’s price target on Apartment Income REIT to $40 from $44 and keeps a Buy rating on the shares. The firm is taking a more conservative view of next year across its 10-company apartment REIT coverage universe, but expects Apartment Income REIT to post among the strongest 2024 same-store NOI and FFO per share growth in the group, the analyst tells investors in a research note.