Wells Fargo lowered the firm’s price target on AvalonBay (AVB) to $193 from $213 and keeps an Overweight rating on the shares. The firm notes that 25 REITs it covers reported with 17 beats, 4 meets, and 4 misses. Wells continues to hear from generalist investors that REIT valuations look compelling, and the group offers a good defensive hedge in portfolios. Good REIT performance as the broader market pulled back this week provided some evidence, Wells adds.
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