Mizuho Reiterates Buy on AvalonBay (AVB) Despite Bad Optics of Fire at Maplewood, NJ Development

Mizuho analyst Richard Anderson maintains Buy rating and $190 price target on AvalonBay Communities (NYSE: AVB) despite the bad optics of a fire at AVB’s Maplewood, NJ 235-unit, $65mm development, expected occupancy in 2Q17. The fire destroyed a large part of the complex and is the third fire in New Jersey since 2000.

Anderson comments, “While we are reiterating our Buy rating on this blue chip organization in the context of our positive view on the multifamily sector for 2017, we also must be realistic -- we think this is a possible black eye for the company that needs immediate attention before it starts impacting future tenant decisions.”

For an analyst ratings summary and ratings history on AvalonBay Communities click here. For more ratings news on AvalonBay Communities click here.

Shares of AvalonBay Communities closed at $173.53 yesterday.

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