Credit Suisse analyst I. Weissman raised its price target on AvalonBay Communities (NYSE: AVB) to $193.00 (from $185.00) following Q2 results but maintained a Neutral rating.

Weissman commented, "Key Takeaways About the Quarter: Portfolio rent growth accelerated in every market with rate increasing by an average of 70bps. The company grew the size of its shadow and in-process development pipeline to nearly $6.5B. We note that several of its recent starts have been located in secondary cities as AVB seeks to maintain its strong stabilized yields."

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Shares of AvalonBay Communities closed at $168.61 yesterday.