In a report published Monday, Jefferies analyst Omotayo Okusanya upgraded the rating on AvalonBay Communities Inc AVB from Hold to Buy, and raised the price target from $156.00 to $195.00.
In the report, Jefferies noted, “We are upgrading AVB due to its robust ($3.2B) development pipeline that we think will continue to deliver at yields (6.5%-7.0%) exceeding underwritten (6.3%) levels, combined with continued strong West Coast performance that should offset weakness in Washington D.C. AVB trades slightly above its historical average P/FFO multiple, despite the favorable outlook. We are raising our PT to $195 from $156.”
AvalonBay Communities closed on Friday at $173.28.
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