MAA price target lowered to $145 from $150 at JMP Securities

JMP Securities lowered the firm’s price target on MAA to $145 from $150 and keeps an Outperform rating on the shares. MAA’s Q4 core FFO beat consensus estimates, though initial FY24 core FFO guidance was below consensus, reflecting new supply headwinds that have negatively impacted rental rate growth, the analyst tells investors in a research note. The firm believes the new supply headwinds are already priced into the stock.