AvalonBay price target raised to $194 from $185 at Mizuho

Mizuho raised the firm’s price target on AvalonBay to $194 from $185 and keeps a Neutral rating on the shares. The analyst is “selectively constructive” on apartment real estate investment trusts near-term, but “can’t ignore” the risk of high new supply and seasonal deceleration in late summer, early Fall. Cap rates should “remain sticky” given strong demand and expectations of lower rates ahead, the analyst tells investors in a research note.