Wells Fargo analyst James Feldman initiated coverage of AvalonBay with an Overweight rating and $184 price target. Calling it an anti-consensus top pick, the firm notes that AvalonBay has "surprisingly low supply risk & strong liquidity" despite largest multi-family development pipeline. Wells also highlights exposure to Northeast markets with strongest multi-family rent growth year-to-date, and a CEO appointed in Q1 2022 with opportunity to improve investor sentiment and multiple.
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