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AvalonBay price target lowered to $175 from $235 at Barclays

Barclays analyst Anthony Powell lowered the firm’s price target on AvalonBay to $175 from $235 and keeps an Equal Weight rating on the shares. After earnings, the analyst is "incrementally cautious" on 2023 rent growth for coastal multifamily real estate investment trusts. He sees downside risks driven by white-collar/tech layoffs, particularly on the West Coast, and reduced estimates for the space.

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