UPDATE: Jefferies Raises PT to $77 on Mid-America Apartment Communities Post Q1

Jefferies raises its price target from $74 to $77 on Buy-rated Mid-America Apartment Communities

as the company remains an attractive GARP play and opex growth should moderate. Jefferies comments, "We are revising our reported 2012/2013E FFO/sh to $4.43/$4.84, from $4.48/$4.90, to reflect: (i) 1Q12 results; (ii) revised acquisition, disposition, and financing assumptions; and (iii) updated rental rate growth and occupancy forecasts. Our 2012E reported FFO/sh of $4.43 compares to guidance range of $4.28-$4.48 and consensus estimate of $4.40. Our 2012/2013E core FFO/sh (i.e., reported FFO/sh less acquisition costs) are now $4.49/$4.87, from $4.56/$4.93. As a result of our revisions and updates to our DDM, we are raising our PT on MAA shares to $77, from $74." MAA closed at $69.07 on Monday.