AvalonBay price target raised to $235 from $212 at Argus

Argus raised the firm’s price target on AvalonBay to $235 from $212 and keeps a Buy rating on the shares after its Q2 earnings beat, with same store net operating income and revenues driving results and with growth expected to continue as management raised full-year guidance. The firm remains positive on the REIT’s broad geographic exposure, growing asset development plans and financial strength, adding that the company has strong opportunities in the upper-tier apartment market, which has high barriers to entry, the analyst tells investors in a research note.