BMO Capital downgraded AvalonBay (AVB) to Market Perform from Outperform with a $220 price target AvalonBay is a “blue-chip company,” but will likely face higher costs for its developments, and weaker demand due to Department of Government Efficiency. cuts in its home market, the analyst tells investors in a research note. The firm says that while federal employees will receive severance that could mask dents in apartment fundamentals, it expects conditions to weaken during peak leasing season.
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