AvalonBay price target raised to $230 from $213 at Truist

Truist analyst Michael Lewis raised the firm’s price target on AvalonBay to $230 from $213 and keeps a Hold rating on the shares. The firm projects 5.5% normalized FFO per share growth from 2024-2029, which the analyst calls out as “highest in our apartment coverage universe,” but adds that the stock’s valuation reflects this and appears “relatively fair.”