Goldman Sachs analyst Chandni Luthra downgraded AvalonBay to Neutral from Buy with a price target of $187, down from $197. The analyst believes slowdown in development starts will impact the external growth component of the company’s algorithm. In light of compressed yields, potential for higher bad debt, and elevated expenses on top next year, AvalonBay will see decelerating core funds from operations growth into 2023, Luthra tells investors in a research note.
Published first on TheFly
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