MAA price target lowered to $145 from $175 at BTIG

BTIG lowered the firm’s price target on MAA to $145 from $175 and keeps a Buy rating on the shares. The company’s Q3 same-store net operating income growth slowed materially to 3.7% compared to 8.6% in the prior quarter, even though sequential growth did turn marginally positive after two down quarters, the analyst tells investors in a research note. Tougher comps and post-COVID normalization drove some of the deceleration, though the impact of new supply is also biting, the firm added.