.August 26, 2024 6:05 PM

Wells Fargo analysts have raised AvalonBay Communities’ price target to $244, maintaining an Overweight rating. The company is positioned strongly in the multifamily REIT sector, with sector-leading growth in CFFO for 2025 and key market exposure. Operational improvements, lack of legal risk, and a robust balance sheet support additional investment. AvalonBay anticipates $43 million in incremental NOI through Horizon initiatives, with projected rent growth of 3.1% in 2025, surpassing industry benchmarks.