Scotiabank Cuts Mid-America Apartment Communities (MAA) Target, Sees Limited Near-Term Catalysts

Mid-America Apartment Communities, Inc. (NYSE:MAA) is included among the 15 Best Stocks to Buy Now for Passive Income.

On March 4, Scotiabank lowered its price recommendation on Mid-America Apartment Communities, Inc. (NYSE:MAA) to $140 from $142. It reiterated a Sector Perform rating on the shares. The firm said it is revising price targets across the U.S. multifamily REITs it covers. According to the analyst, most apartment markets are still operating with occupancy levels below what was typical before COVID, during the 2015–2019 period. Because of that, investors may need to wait for the Spring leasing season and clearer signs of improving market growth before a meaningful catalyst appears.

A day earlier, on March 3, BTIG lowered its price objective on MAA to $150 from $160 and kept a Buy rating on the shares. The analyst said the impact of the supply curve is lasting longer than expected. At the same time, the company’s same-store net operating income is likely to bottom in the first quarter, if it has not already. The note also said effective rent growth is moving in the right direction, even as new lease pricing remains stubbornly weak.

Mid-America Apartment Communities, Inc. (NYSE:MAA) is a multifamily-focused, self-administered, and self-managed real estate investment trust. The company owns, operates, acquires, and selectively develops apartment communities primarily located in the Southeast, Southwest, and Mid-Atlantic regions of the United States.

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