MAA downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded MAA (MAA) to Market Perform from Outperform. Demand for Sun Belt apartments continues to be well ahead of expectations, as household formation driven by demographic and ongoing migration patterns continue, but MAA has nearly closed the valuation gap versus large-cap multifamily peers, leaving less room for further near-term multiple expansion, the analyst tells investors in a research note. The firm is incrementally more concerned about the near-term outlook in several Sun Belt markets, potentially sensitive to a shifting economy.