Truist Upgrades AvalonBay Communities (AVB) Stock to Buy from Hold

Group 1 - AvalonBay Communities, Inc. (NYSE:AVB) is considered one of the best housing stocks to buy according to hedge funds, with Truist upgrading the stock to "Buy" from "Hold" and setting a price objective of $218, down from $224 [1] - The analyst from Truist believes that AvalonBay shares are undervalued, currently trading at a historically low funds from operations multiple, and anticipates healthy earnings growth due to limited new supply in its markets [1] - The company completed the development of Avalon Princeton on Harrison, which includes 200 apartment homes with a total capital cost of $79 million [2] Group 2 - AvalonBay sold Avalon Wesmont Station I & II, comprising 406 apartment homes and 18,000 square feet of commercial space, for $161.5 million, resulting in a GAAP gain of $99.636 million and an economic gain of $71.648 million [2]