Jefferies analyst Jonathan Petersen maintained a Buy rating on AvalonBay (AVB) on July 29 and set a price target of $174.00. The company’s shares closed last Monday at $153.80.
According to TipRanks.com, Petersen is a 5-star analyst with an average return of 9.5% and a 71.1% success rate. Petersen covers the Financial sector, focusing on stocks such as Apartment Investment & Management, National Retail Properties, and Mid-America Apartment.
The word on The Street in general, suggests a Hold analyst consensus rating for AvalonBay with a $164.50 average price target, implying a 6.7% upside from current levels. In a report issued on July 15, Argus Research also maintained a Buy rating on the stock with a $180.00 price target.
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AvalonBay’s market cap is currently $21.65B and has a P/E ratio of 27.50. The company has a Price to Book ratio of 1.99.
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AvalonBay Communities, Inc. is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities. The Established Communities segment refers to the operating communities that were owned and had stabilized occupancy. The Other Stabilized Communities segment includes all other completed communities that have stabilized occupancy. The Development or Redevelopment Communities segment consists of communities that are under construction. The company was founded by Gilbert M. Meyer in 1978 and is headquartered in Arlington, VA.
