UPDATE: Jefferies Downgrades AvalonBay Communities to Hold on 2013 Outlook

Jefferies downgraded AvalonBay Communities (NYSE: AVB ) from Buy to Hold and lowered the price target from $155.00 to $135.00. Jefferies noted, "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