Mid-America Apartment Communities (MAA) PT Lowered to $136 at Truist Securities

Truist Securities analyst Anthony Hau lowered the price target on Mid-America Apartment Communities (NYSE: MAA) to $136.00 (from $142.00) while maintaining a Buy rating.

The analyst commented, "We are lowering our 2026 NFFO estimate from $8.66ps to $8.57ps ($8.61 to $8.52 on a NAREIT basis) and our 2027 FFO estimates from $8.73ps to $8.68ps for MAA, largely because we believe our development lease-up assumptions were aggressive, not only given slower national employment growth, but based on typical NOI cadence for newly delivered apartment buildings... We are lowering our 12-month price target to $136 from $142, based on a $130.11 discounted cash flow (one-third weighting), an 18% assumed discount to 4Q25 NAV (one-third) and 16.3x 2027E FFOps. MAA currently trades at a 27% discount to our NAV estimate versus a 12% average discount over the past five years. It trades at 14.1x 2027E FFOps versus an 18.4x historical multiple"

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