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AvalonBay downgraded to Neutral on 2023 headwinds at Mizuho
The Fly

AvalonBay downgraded to Neutral on 2023 headwinds at Mizuho

Mizuho analyst Haendel St. Juste downgraded AvalonBay to Neutral from Buy with a price target of $170, down from $220. The analyst says "stubborn" inflationary and cost headwinds, along with a deceleration in renewal rates, should continue to pressure AvalonBay’s development yields. In addition, rising cap rates compresses the company’s earnings, which along with incremental bad debt risk "suggests a more limited relative opportunity," St. Juste tells investors in a research note.

Published first on TheFly

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