UPDATE: Jefferies Lowers PT on AvalonBay Communities on Multiple Challenges Ahead

In a report published Friday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on AvalonBay Communities (NYSE: AVB ), but lowered the price target from $143.00 to $130.00. In the report, Jefferies noted, “With: 1) several REITs lowering the high end of 2013 guidance during 2Q13 earnings season; 2) rising