AvalonBay price target lowered to $202 from $214 at Truist

Truist lowered the firm’s price target on AvalonBay to $202 from $214 but keeps a Buy rating on the shares. The company is relatively well-positioned with limited new supply coming online in its markets over the next several quarters, a healthy loss-to-lease, development deliveries set to drive earnings growth, and a strong low-levered balance sheet, the analyst tells investors in a research note. The firm is reducing its FY23 FFO view on AvalonBay to $10.37 from $10.51 per share however to reflect write-offs for three development opportunities that the REIT determined are no longer profitable.