UPDATE: Jefferies Upgrades Mid-America Apartment Communities As Multiple Expansion Is Warranted

In a report published Monday, Jefferies analyst Omotayo Okusanya upgraded the rating on

from Hold to Buy, and raised the price target from $71.00 to $88.00. In the report, Jefferies noted, “Our upgrade is based on a clearer path of solid FFO growth now that we are past the bulk of the CLP integration. We think MAA will benefit from multiple expansion in 2015 and trade at a smaller discount to its peers, based on the improvement in its overall portfolio and growth prospects via capital recycling and redevelopment. For more details see our 2015 REIT Outlook also published today.” Mid-America Apartment Communities closed on Friday at $78.83.