UPDATE: BMO Capital Downgrades Mid-America Apartment Communities (MAA) to Market Perform

BMO Capital analyst John Kim downgraded Mid-America Apartment Communities (NYSE: MAA) from Outperform to Market Perform.

The analyst comments "We have long been favorable of MAA's Sunbelt portfolio, affordable price point, repositioning strategy and relative valuation. However, MAA's shares have surged 38% LTM, and while we raise our price target to $170, we downgrade MAA to Market Perform, as we see more upside in other REITs in the sector. As discussed in this week's BREW, we believe fundamentals favor coastal markets, based on the new-jobs-to-units ratio, which we estimate is a favorable in 2021-23 but lower in many Sunbelt markets."

For an analyst ratings summary and ratings history on Mid-America Apartment Communities click here. For more ratings news on Mid-America Apartment Communities click here.

Shares of Mid-America Apartment Communities closed at $160.70 yesterday.

You May Also Be Interested In

• Wells Fargo Downgrades Roku Inc. (ROKU) to Equal Weight
• Powell Industries (POWL) PT Lowered to $235 at Cantor Fitzgerald
• Jefferies on Five Below (FIVE): 'Our latest channel checks reinforce our view that FIVE's momentum extends well beyond viral Squish trends'