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UPDATE: Stifel Nicolaus Downgrades AvalonBay Communities to Hold on Valuation, Equity Overhang

Related AVB
Earnings Scheduled For October 24, 2016
Benzinga's Top Upgrades

Stifel Nicolaus reduced its rating on AvalonBay Communities (NYSE: AVB) from Buy to Hold and removed its previous $145 price target.

Stifel Nicolaus commented, "We are downgrading AVB from Buy to Hold, as we believe the overhang from the $1.9 billion of AVB equity that will be held by Lehman post the closing of the Archstone transaction will weigh on shares. Additionally, AVB shares trade at a 7.9% discount to our $145 NAV, the lowest in the apartment sector (vs. the weighted average apartment REIT sector trading at a 14.5% discount). Upward movement in AVB's shares might be difficult. We remain cautious on the apartment sector heading into 2013."

AvalonBay Communities closed at $133.40 on Wednesday.

Latest Ratings for AVB

Sep 2016Sandler O'NeillUpgradesHoldBuy
Aug 2016BTIG ResearchInitiates Coverage onBuy
Aug 2016JefferiesMaintainsHold

View More Analyst Ratings for AVB
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Posted-In: Stifel NicolausAnalyst Color Downgrades Intraday Update Analyst Ratings


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