UPDATE: Jefferies Downgrades AvalonBay Communities to Hold on 2013 Outlook
Jefferies downgraded AvalonBay Communities (NYSE: AVB) from Buy to Hold and lowered the price target from $155.00 to $135.00.
Jefferies noted, "AVB's 2013 same store NOI growth forecast of 4.0% to 5.5% (vs. 7.6% in 2012) suggests coastal market fundamentals are slowing faster than we anticipated given: 1)rising supply in key markets (DC and Seattle), 2)slow job growth and 3)an improving housing market. We are downgrading AVB to Hold from Buy."
AvalonBay Communities closed at $125.93 on Monday.
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