JPMorgan upgraded AvalonBay Communities to Neutral from Underweight with a price target of $194, down from $201, following the investor day. The company laid out some brackets for 2024 revenue and expense growth, and the starting point is stronger than its multifamily peers, the analyst tells investors in a research note. The firm adds that AvalonBay’s balance sheet is in “very good shape” with below-average leverage and high liquidity.
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