AvalonBay upgraded to Buy from Hold at Truist

Truist analyst Michael Lewis upgraded AvalonBay to Buy from Hold with a price target of $190, up from $186. Relative to a year ago, he thinks fundamental drivers are "less advantageous," but thinks stock valuations are "much more palatable" in the multifamily REIT group, Lewis tells investors. He has previously favored Sunbelt exposure over coastal in recent years, but is adjusting his stock ratings in response to high new supply in much of the Sunbelt and incrementally more attractive relative outlooks for some other markets, he added.