J.P. Morgan Reports "Good 1Q" For AvalonBay Communities

In a report published by J.P. Morgan, AvalonBay Communities AVB saw a good 1Q. J.P. Morgan said that AVB reported 1Q that was better than expected and in line with Bloomberg consensus after taking out a one-time interest income pick-up. “The overall business trends were strong and reflect the widely expected strength in fundamentals unfolding in the apartment segment. While guidance wasn't raised, management pointed to the high end or better and essentially telegraphed potential for an increase in guidance for the June NAREIT conference. We detail the results further below, but the overall takeaway is that AVB put up results that should satisfy existing optimistic expectations. The stock should react well to the report, with the caveat/risk we see to apartment REIT stocks this quarter being near-term “selling on the news.” ” AvalonBay Communities closed yesterday at $126.63.
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Posted In: Analyst ColorAnalyst Ratingsavalonbay communitiesFinancialsJ.P. MorganResidential REIT's
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