UPDATE: Hilliard Lyons Upgrades Mid-America Apartment Communities to Buy, Reiterates $71.50 PT

In a report published Friday, Hilliard Lyons upgraded its rating on Mid-America Apartment Communities

from Neutral to Buy, and reiterated its $71.50 price target. Hilliard Lyons noted, “We are raising our rating on MAA from Neutral to Buy. During the quarter, occupancy was strong at MAA. Resident turnover was historically low. Move-outs to buy a home declined year-over-year. We believe uncertainty in the economy and the job market, as well as tight home mortgage lending standards, creates a more attractive environment for renting than has typically existed.” Mid-America Apartment Communities closed on Thursday at $65.43.