AvalonBay upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler upgraded AvalonBay to Neutral from Underweight with a price target of $193, up from $160. Last week’s earnings show apartments are more durable than anticipated following the post-pandemic rent hikes and corporate layoffs, the analyst tells investors in a research note. The firm credits AvalonBay management with settling its $492M forward issuance early, in April, to invest at 5% in a savings account, equivalent of buying an asset.