UPDATE: Morgan Keegan Downgrades AvalonBay Communities to Market Perform
Morgan Keegan has downgraded AvalonBay Communities (NYSE: AVB) from Outperform to Market Perform and has lowered the price target from $150 to $135 in a research report out today.
In the report, Morgan Keenan states, "We are downgrading AVB shares from an Outperform to a Market Perform rating, primarily reflecting the relative valuation and our concern that sentiment could turn negative for apartments in 2012."
Shares of AvalonBay Communities are trading at $127.63, down 1.85% from yesterday's close.
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