AvalonBay price target raised to $215 from $200 at BMO Capital

BMO Capital analyst John Kim raised the firm’s price target on AvalonBay to $215 from $200 and keeps an Outperform rating on the shares. The firm is slightly more constructive on Apartment REITs heading into the Q2 earnings largely due to the stronger-than-expected employment landscape, allowing for healthy renewal rate growth and likely 2023 FFOps guidance raises across the sector, the analyst tells investors in a research note.