Jefferies Downgrades AvalonBay Communities (AVB) to Hold

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Jefferies downgraded AvalonBay Communities (NYSE: AVB) from Buy to Hold with a price target of $135.00 (from $155.00) following results and 2013 outlook.

The firm comments, "AVB's 2013 same store NOI growth forecast of 4.0% to 5.5% (vs. 7.6% in 2012) suggests coastal market fundamentals are slowing faster than we anticipated given: 1)rising supply in key markets (DC and Seattle), 2)slow job growth and 3)an improving housing market. We are downgrading AVB to Hold from Buy."

The firm cut FY13 FFO from $6.40 to $6.13.

For an analyst ratings summary and ratings history on AvalonBay Communities click here. For more ratings news on AvalonBay Communities click here.

Shares of AvalonBay Communities closed at $125.93 yesterday, with a 52 week range of $124.30-$151.23.

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