Truist Financial analyst Michael R Lewis maintained a Hold rating on AvalonBay (AVB – Research Report) on June 24 and set a price target of $224.00. The company’s shares closed last Friday at $195.15, close to its 52-week low of $183.35.
According to TipRanks.com, Lewis is a 5-star analyst with an average return of 9.7% and a 65.7% success rate. Lewis covers the Financial sector, focusing on stocks such as Easterly Government Properties, National Health Investors, and Mid-America Apartment.
Currently, the analyst consensus on AvalonBay is a Moderate Buy with an average price target of $232.45, representing a 18.2% upside. In a report issued on June 22, Credit Suisse also initiated coverage with a Hold rating on the stock with a $208.00 price target.
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AvalonBay’s market cap is currently $27.29B and has a P/E ratio of 24.28.
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AvalonBay Communities, Inc. is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities. The Established Communities segment refers to the operating communities that were owned and had stabilized occupancy. The Other Stabilized Communities segment includes all other completed communities that have stabilized occupancy. The Development or Redevelopment Communities segment consists of communities that are under construction. The company was founded by Gilbert M. Meyer in 1978 and is headquartered in Arlington, VA.
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