MAA downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded MAA (MAA) to Outperform from Strong Buy with a price target of $175, down from $185. MAA has effectively closed the valuation gap versus large-cap multifamily peers that existed entering the year, the analyst tells investors in a research note. The pace of new supply deliveries in MAA’s markets has dropped significantly, with multifamily completions in March declining roughly 30% relative to the pace set last fall, the firm says.