UPDATE: Morgan Keegan Downgrades AvalonBay Communities to Market Perform

Morgan Keegan has downgraded AvalonBay Communities

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.