Jefferies Upgrades AvalonBay Communities (AVB) to Buy, Pullback Creates Opportunity

Jefferies upgraded AvalonBay Communities (NYSE: AVB) from Hold to Buy with a price target of $156.00 (from $152.00).

The firm comments, "We believe the pullback in the overall apartment REIT sector presents a compelling opportunity to shift into coastal focused REIT's where overall headwinds for apartments are not as persistent. Our analysis suggests AVB has the most exposure to markets that should have the best demand/supply fundamentals over the next few years. The early jump on developments should also drive earnings growth. We are upgrading AVB to a Buy rating, with a $156 PT"

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 $136.16 yesterday.

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