Barclays Raises Price Target and Estimates on AvalonBay Communities (AVB); Shares Fairly Valued

Barclays maintains an 'Equalweight' on AvalonBay Communities (NYSE: AVB) price target raised from $146 to $151.

Analyst, Ross L. Smotrich, said, "AVB continues to push NOI levels higher, bolstered this quarter by improving job growth in its markets. Renewal increases continue to be in the low-6% range...AVB is one of the highest quality apartment
companies and can generate value via development. Nevertheless, it is by far the
most expensive apartment REIT we cover, which gives us pause."

FY12 FFO raised from $5.39 to $5.45 and FY13 from $5.93 to $6.06.

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 $146.06 yesterday.

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