AvalonBay upped at JPMorgan, price target raised to $201: 4 big analyst picks

Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at AvalonBay Communities, Equifax, RBC Bearings, and Tuya.

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AvalonBay Communities earns an upgrade at JPMorgan

JPMorgan upgraded AvalonBay Communities (NYSE:AVB) to Neutral from Underweight with a price target of $194.00 (from $201.00).

According to the analysts, AvalonBay has improved its operating platform and its development pipeline continues to be an additional lever for growth, which should lead to strong same-store revenue growth in 2024 compared to other apartment REITs.

The balance sheet is in very good shape with below-average leverage and high liquidity/low-cost debt. Offsetting is our overall view that apartment REITs are likely to have lower earnings growth in the near-term and will have to adjust to significant supply deliveries that are impacting pricing power in many markets.

Equifax upgraded to Buy

CFRA upgraded Equifax (NYSE:EFX) to Buy from Hold with a price target of $245.00, as reported in real-time on InvestingPro.

Last week, Citi initiated coverage on the company with a Buy rating and a price target of $243.00, noting that consensus underappreciates the likely impact on Equifax’s adjusted EBITDA due to a recovery in the US mortgage market, currently at levels comparable to those during the Great Financial Crisis.

Two more upgrades

BofA Securities upgraded RBC Bearings (NYSE:RBC) to Buy from Underperform and raised its price target to $280.00 from $230.00.

Morgan Stanley upgraded Tuya (NYSE:TUYA) to Overweight from Equalweight and raised its price target to $2.70 from $1.80 following the company’s reported Q3 beat, which resulted in a share price gain of more than 5% pre-market today.

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