Barclays lowered the firm’s price target on AvalonBay to $194 from $195 and keeps an Equal Weight rating on the shares. Apartment real estate investment trusts reported softer, but still-positive Q3 quarter-to-date blended spreads, in-line with seasonal trends, the analyst tells investors in a research note. The firm updated estimates to reflect solid tenant demand and improving occupancy. Sunbelt REITs had notably weaker new lease spreads in August, and should continue to be monitored for the effects of new supply, says Barclays.
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