UPDATE: Jefferies Downgrades SL Green Realty, Upgrades Mid-America Apartment Communities

In a research report published today, Jefferies gave bits of insight into the future of several different companies. Jefferies downgraded SL Green Realty Corp. SLG from Buy to Hold, and upgraded Mid-America Apartment Companies Inc. MAA from Hold to Buy. In the report, for example, Jefferies commented, “SLG's stock price has run up 16% year to date, and currently trades at an implied cap rate of 5.6% and an AFFO multiple of 28x. We like the story and the earnings growth potential, but believe that valuation is full at this level. We are downgrading to a Hold, but continue to prefer SLG over BXP as that stock trades at a sub-5% implied cap rate.” Jefferies maintains its $78 PT on SL Green Realty, which closed yesterday at $77.22. Jefferies increases its PT from $64 to $72 on Mid-America Apartment Companies, which closed yesterday at $64.15.