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Fly News Breaks for August 15, 2018
AVB
Aug 15, 2018 | 08:23 EDT
Argus analyst Jacob Kilstein raised his price target on AvalonBay to $196 and kept his Buy rating after its Q2 FFO beat along with higher guidance and diminishing concerns with the oversupply in the New York and San Francisco markets. The analyst adds that the REIT is "favorably valued" at 19.8-times his expected FFO estimate for FY18, which is below the midpoint of its 5-year historical range of 17.4- to 30.1-times. Kilstein adds that the stock price has fallen about 9% over the past year, and the pullback offers a favorable entry opportunity.
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