Jefferies Downgrades AvalonBay Communities (AVB) to Underperform

Earlier, Jefferies downgraded AvalonBay Communities (NYSE: AVB) from Hold to Underperform with a price target of $110 (down from $129).

The firm comments, "Similar to EQR, AVB’s portfolio performance in recent times has been aided by the performance of its Washington Metro and Seattle properties. As of June 30, 2011, AVB had 5,349 and 2,533 established apartment homes in the Washington, DC metro area and Seattle, representing 16.9% and 8.0%, respectively, of total apartment homes in AVB’s established communities (i.e. same store) portfolio."

For more ratings news on AvalonBay Communities click here and for the rating history of AvalonBay Communities click here.

Shares of AvalonBay Communities closed at $131.09 yesterday.

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