- AvalonBay (NYSE:AVB) cut to neutral at BTIG as comp net operating income--NOI--may fall below sector averages and new supply deliveries peak now seen in Q4, instead of easing in H2, Bloomberg reports, citing a note by analyst James Sullivan.
- He also cut Mid-America Apartment (NYSE:MAA) to neutral while he lowered comp NOI revenue assumptions, estimates, as MAA continues to integrate Post Properties into its operations.
- BTIG's Sullivan reiterates Camden Property Trust (NYSE:CPT) and Essex Property Trust (NYSE:ESS) buy ratings; cuts ESS price target to $262 from $264.
- Meanwhile, Goldman analyst Andrew Rosivach adds CPT to its Americas Conviction List, citing macroeconomics working in its favor and tax overhaul favoring its sunbelt markets.
- For strip center REITs, BTIG's Michael Gorman sees negative sentiment continuing even though Q1 results reflect continued stability for high-quality retail real estate. He keeps buy ratings on KIM, KRG, REG, ROIC and neutral ratings on AKR, DDR, FRT.
- Previously: JPMorgan shifts REIT ratings, has balanced outlook for 2018 (Dec. 15, 2017)
AvalonBay, Mid-America Apartment Cut by BTIG
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Symbol | Last Price | % Chg |
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AVB | - | - |
AvalonBay Communities, Inc. |