Truist analyst Michael Lewis raised the firm’s price target on AvalonBay to $207 from $197 but keeps a Hold rating on the shares. The firm is boosting its 2024 FFO estimated by 19c to $10.84 as it is encouraged by strong job growth and apartment demand to start the year. The stock’s relative valuation gap vs. the more out-of-favor REITs should narrow however as Sunbelt supply pressures begin to ease by the end of this year and earnings growth rates converge, the analyst tells investors in a research note.
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