J.P. Morgan Ups Estimates On AvalonBay Communities

According to J.P. Morgan, AvalonBay Communities AVB 2011 and 2012 FFO estimates are upped. J.P. Morgan said that it is changing its 2Q11, 2011, and 2012 FFO estimates to $1.12, $4.74, and $5.42/share, relative to previous forecasts of $1.14, $4.67, and $5.35/share – largely higher with the exception of 2Q11. “We note that our 2Q11 FFO estimate of $1.12/share sits above the high end of current guidance range of $1.06 to $1.10/share (but directly in line with average Bloomberg consensus). Our 2011 FFO estimate sits towards the high end of the current guidance range of $4.50 to $4.75/share, and about a penny above average Bloomberg consensus of $4.73/share. Finally, we note that our 2011 estimate incorporates the previously announced benefit of roughly $0.10/share in 2H11 savings related to anticipated elimination of ground lease expense at its Avalon at Rock Spring asset.” Intuit closed yesterday at $52.93.