RBC Capital lowered the firm’s price target on AvalonBay to $214 from $234 and keeps a Sector Perform rating on the shares as part of a broader research note on Residential REITs updating the firm’s model to reflect the recent market rent trends, leasing updates, lower Secured Overnight Financing Rate rates, and lower costs of debt. Leasing updates have been coming in fractionally weaker than the firm’s prior expectations, and RBC is lowering most of its 2025 estimates slightly, estimating roughly 3.5% core FFO per share growth across the group for 2025, the analyst tells investors in a research note.
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