AvalonBay downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Steve Sakwa downgraded AvalonBay to In Line from Outperform with a $202 price target. Since the start of 2024, AvalonBay has outperformed the REIT index with shares up 6.1%, and Evercore ISI doesn’t expect to see meaningful upward revisions to the key performance indicators during NARIET in early June and sees limited catalysts for meaningful outperformance in the near-term, the analyst tells investors in a research note.