Morgan Stanley analyst Adam Kramer downgraded AvalonBay to Equal Weight from Overweight with a price target of $187, down from $225. AvalonBay has larger exposure to "softer" Northern California markets and while its current developments are 95% match-funded, there is less clarity on funding and yields on subsequent development, Kramer tells investors in a research note. The analyst has a "balanced view" on apartment real estate investment trusts.
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Published first on TheFly
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