AvalonBay price target raised to $229 from $225 at Evercore ISI

Evercore ISI raised the firm’s price target on AvalonBay to $229 from $225 and keeps an In Line rating on the shares. The firm, which says it normally rolls forward its REIT valuation framework to the next year in early to mid-November, is pulling that process forward by 6 to 8 weeks as investors have positively responded to the Fed’s upcoming easing cycle, which has had “a very positive impact on stock prices and valuations” in the group, the analyst tells investors. The firm, which adds that its price targets among its REIT coverage rose by an average of 3.8%, notes the biggest increases taking place in malls, healthcare and office, while the smallest changes were made in residential and storage.