AvalonBay moves higher after earnings and guidance; upgrade

The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.

This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.

AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).

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