UPDATE: Key Banc Downgrades American Campus Communities to Hold

Key Banc downgrades American Campus Communities (NYSE: ACC) to Hold from Buy as the stock reached assigned price target of $42. Key Banc says, "With the stock now trading at a 4.8% implied cap rate, we suspect the Company's estimates and valuation now fairly reflect its current growth prospects. We continue to like ACC's steady internal growth and strong external growth opportunities, especially in on-campus development that is accretive to earnings and NAV; we could see ACC announce a new large oncampus development similar to the recent deal inked by EDR and the University of Kentucky."ACC closed at $42.01 per share on Wednesday.