BofA analyst Joshua Dennerlein initiated coverage of MAA with a Neutral rating and $158 price target. While the firm likes the REITs presence in suburban locations, low leverage and long-term positive trends in the Sunbelt, its sees these positives being offset by apartment deliveries peaking in 2024, cost pressures from real estate taxes and insurance and a slowing or reversal of the inbound migration trends seen during COVID.
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