AvalonBay price target raised to $188 from $183 at Evercore ISI

Evercore ISI raised the firm’s price target on AvalonBay to $188 from $183 and keeps an Outperform rating on the shares. The firm is raising its same-store revenue growth assumption for 2024 to 2.8% from 2.3% on better growth in the company’s “other income” segment, which accounts for 6% of AVB‘s overall revenue today, but despite this slight uptick in top line growth, it left its expense growth view unchanged at 5.0% in FY24. The firm now models NOI growth of 1.5% in 2024 and 3.2% in 2025.