UPDATE: Jefferies Raises Mid America Apartments PT

According to a research report published this morning, Jefferies has increased Mid America Apartments'

PT from $74 to $77. In the report, Mid America Apartments commented, "SS opex growth of +4.5% at MAA in 1Q12 was well ahead of its peers (EQR @ +1.8%, AVB @ -1.1%, ESS @ -0.7%, AEC @ +1.2%).The main driver of opex growth in 1Q12 was higher costs (+11%) associated with rising turnover (56.4% vs. 54.2% in 1Q11). We believe this pressure on opex should moderate as occupancy gains slow. As such, we expect better SS NOI growth in 2H12. We are encouraged by strong April trends with rental rates up ~5% (new lease rates up ~4%, renewals up ~6%), occupancy holding steady @ 96.1%, and turnover trending down 10% YoY." Jefferies maintains its Buy rating on Mid America Apartments, which closed yesterday at $69.07.