Piper Sandler analyst Alexander Goldfarb downgraded AvalonBay Communities to Underweight from Neutral with a price target of $160, down from $189. The analyst sees the potential for further downside from the recent apartment weakness experienced by AvalonBay and its Coastal peers with this earnings season. The tough comps generated by the COVID rent rebounds likely gives renters pause as they assess absolute rent levels, Goldfarb tells investors in a research note.
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