Apartment Income REIT price target lowered to $39 from $48 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Apartment Income REIT to $39 from $48 and keeps a Hold rating on the shares. The company is set to produce among the strongest same-store growth in his apartment coverage universe in 2023 and could be viewed as relatively defensive in a recession given its diversified portfolio and lack of ground-up development exposure, though growth will also be weighed down by early repayment of the AIV note receivable earlier this year, the analyst tells investors in a research note.