Credit Suisse raises its rating on AvalonBay Communities AVB to Outperform (previously Underperform) and raises its price target to $145 from $89 as the company should see excellent growth despite legitimate headwinds on its apartment markets.
Credit Suisse says, "AVB apartment markets have legitimate headwinds, including (1) rising supply, lower employment growth than the U.S, and a recent loss in employment leadership in young adults, a cohort that tends to rent. ...But AVB 2013 FFO growth should be excellent even with slowing rent growth. Higher rents from new development
stabilizations and refinance savings should position AVB for a third year of mid-teens FFO growth in 2013. Our 2013 FFO estimate implies 16% growth and is 5% above consensus."
AVB closed at $129.87 a share on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in