BofA turns slightly more bullish on apartments

|By:, SA News Editor

Though 2017 remains likely to be a tough year for apartment REITs, Q1 progress has been better than expected, says analyst Juan Sanabria.

He upgrades AvalonBay (NYSE:AVB) to Buy from Neutral and lifts the price target to $202 (10% upside), noting better-than-hoped rental revenue growth guidance.

UDR is boosted to Neutral from Underperform, with price target of $37 (last night's close $36.23), with Sanabria noting signs of stabilization.

Source: Bloomberg

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