J.P. Morgan Reiterates Neutral Rating on AvalonBay Communities Following Investor Day

In a report published Thursday, J.P. Morgan analyst Anthony Paolone reiterated a Neutral rating and $141.00 price target on AvalonBay Communities (NYSE: AVB).

In the report, J.P. Morgan noted, “[Yesterday], AVB held a well-attended investor day in Washington, D.C.; its last investor day was two-and-half years ago. Overall, we thought it was a good event from the vantage point of showcasing the strength of AVB as an organization. From a stock point of view, however, we don't think there was much commentary or major changes in views to prompt much stock action; there was no change in guidance (some expected a bump up), there wasn't any update to the capital plan, and there wasn't much in the way of specifics on near-term operating metrics. Instead, the company took the time to solidify the reasons it is considered a ‘blue chip' in the REIT space. The following are the key points that came across to us through the day, without rehashing its 100 page slide deck.”

AvalonBay Communities closed on Wednesday at $135.20.