Mizuho analyst Haendel St. Juste lowered the firm’s price target on AvalonBay to $186 from $190 and keeps a Neutral rating on the shares. The analyst says the apartment sector offers a “fairly balanced risk/reward with valuation and a lack of compelling alternatives as key supports,” though recession and incremental tenant bad debt are potential risks to watch. The firm believes the sector lacks meaningful catalysts near-term until fiscal 2024 becomes more of a focus and expectations are reset.
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