Benchmark Starts AvalonBay (AVB) at Hold; Calls Stock 'Best in Breed'
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Benchmark Company initiates coverage on AvalonBay Communities (NYSE: AVB) with a Hold rating.
The firm calls AvalonBay the best in breed stock within the residential REIT industry. Benchmark believes AvalonBay's management is "one of the most talented teams at corporate and on-the-ground levels in the peer group and the overall REIT industry." As far as Avalon's portfolio goes, the firm believes the company has positioned itself within the best U.S. markets and currently bolsters a capital position and interest coverage that are well above average.
On the negative side, Benchmark admits that AvalonBay currently has a huge development pipeline in the midst of a slowing economy, certainly creating higher risk.
AvalonBay Communities, Inc., together with its subsidiaries, engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.
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