SunTrust analyst Michael Lewis raised his price target on AvalonBay to $218 and kept his Buy rating, saying the valuation on the REIT is "relatively attractive" after a decline in the share price following a "somewhat disappointing" set of Q2 results. The analyst notes that the company should have above-average 3- and 5-year earnings growth rates thanks to its large and "largely funded" development pipeline. Lewis adds that he is also positive on AvalonBay's attractive PEG ratios, low leverage in its balance sheet, and a 2% discount in its valuation relative to net asset value against a 4% average premium in his apartment REIT coverage universe.