AvalonBay price target raised to $212 from $188 at Argus

Argus analyst Marie Ferguson raised the firm’s price target on AvalonBay to $212 from $188 and keeps a Buy rating on the shares after its Q1 FFO beat. The REIT stands to benefit from solid rental pricing, lower uncollectable rent, and strong occupancy as a result of low supply in coastal markets, the analyst tells investors in a research note. The company’s increased focus on premium markets outside of core coastal cities can also serve as an important driver of long-term growth for AvalonBay, Argus added.