Apartment Income REIT price target lowered to $33 from $40 at Mizuho

Mizuho lowered the firm’s price target on Apartment Income REIT to $33 from $40 and keeps a Buy rating on the shares. The analyst says the apartment sector offers a “fairly balanced risk/reward with valuation and a lack of compelling alternatives as key supports,” though recession and incremental tenant bad debt are potential risks to watch. The firm believes the sector lacks meaningful catalysts near-term until fiscal 2024 becomes more of a focus and expectations are reset.