KBW Downgrades AVB To Market Perform

AvalonBay Communities, Inc.

has been downgraded by Keefe, Bruyette & Woods to Market Perform as the stock is up approximately 20% since mid-May and KBW feels its time for investors to take profits. KBW views AVB as a core holding and expects above-average core growth over the next few years as AVB's full vaulation is currently the cause of the downgrade. New price target is $117, with a 9% potential return, while NAV and EPS estimates remain unchanged, for now. AvalonBay Communities, Inc. closed yesterday at $110.39.