AvalonBay price target raised to $196 from $191 at RBC Capital

RBC Capital raised the firm’s price target on AvalonBay to $196 from $191 and keeps a Sector Perform rating on the shares. The company’s Q1 results were stronger than the firm expected, but while investor expectations were high for the report, RBC is “somewhat surprised” the stock isn’t outperforming, the analyst tells investors in a research note. The firm further cites significant progress being made on new lease spreads in April, also noting that the underlying spread assumption for 2024 still looks “somewhat conservative”.