MAA price target raised to $174 from $161 at Scotiabank

Scotiabank raised the firm’s price target on MAA to $174 from $161 and keeps a Sector Perform rating on the shares. U.S. Multifamily effective rents rose 0.4% year-over-year in August, while rents remained flat sequentially, the analyst tells investors. The firm notes that investment activity is picking up ahead of expected rate cuts and multifamily REIT year-to-date outperformance has closed the valuation gap compared to other REITs.