AvalonBay price target lowered to $189 from $192 at Wells Fargo

Wells Fargo lowered the firm’s price target on AvalonBay to $189 from $192 and keeps an Overweight rating on the shares. The analyst says multi-family real estate investment trusts “finally showed the cracks from new supply this quarter.” Despite the underperformance in Q3, the firm still views the Sunbelt as most at risk given weak visibility on where rents in heavy supply markets bottom.