J.P. Morgan Ups Estimates On AvalonBay Communities

According to J.P. Morgan, AvalonBay Communities (NYSE: AVB) 2011 and 2012 FFO estimates are upped.

J.P. Morgan said that it is changing its 2Q11, 2011, and 2012 FFO estimates to $1.12, $4.74, and $5.42/share, relative to previous forecasts of $1.14, $4.67, and $5.35/share – largely higher with the exception of 2Q11. “We note that our 2Q11 FFO estimate of $1.12/share sits above the high end of current guidance range of $1.06 to $1.10/share (but directly in line with average Bloomberg consensus). Our 2011 FFO estimate sits towards the high end of the current guidance range of $4.50 to $4.75/share, and about a penny above average Bloomberg consensus of $4.73/share. Finally, we note that our 2011 estimate incorporates the previously announced benefit of roughly $0.10/share in 2H11 savings related to anticipated elimination of ground lease expense at its Avalon at Rock Spring asset.”

Intuit closed yesterday at $52.93.