Key Banc

Key Banc lowers its rating on Public Storage (NYSE: PSA) to Underweight from Hold and establishes a $115 downside price target. Key Banc says, "Our downgrade is primarily valuation-oriented and reflects our view that: 1) PSA's FFO growth profile will be lower relative to its self storage REIT...

Key Banc lowers its rating on HCP (NYSE: HCP) to Underweight from Hold and established a downside price target of $34 on continued sector risks. Key Banc says, "Despite easing uncertainty in the health care regulatory environment in the near term, we continue to see risks to health care real...

Key Banc downgrades UDR (NYSE: UDR) to Hold from Buy on valuation and caution on apartments fundamentals in 2012. Key Banc says, "We now view the Company's in line valuation on an implied cap rate basis as fairly reflective of slowing momentum in many of UDR's East Coast markets, balanced by...

Key Banc downgrades its rating on AvalonBay (NYSE: AVB) to Underweight from Hold with a $114 downside price target on concern of valuation reaching premium level, especially in light of possible fundamental weakness in 2012. Key Banc says, "Our downgrade also reflects our expectation of multiple...

Key Banc downgrades American Campus Communities (NYSE: ACC) to Hold from Buy as the stock reached assigned price target of $42. Key Banc says, "With the stock now trading at a 4.8% implied cap rate, we suspect the Company's estimates and valuation now fairly reflect its current growth prospects....

Key Banc upgrades AIMCO (NYSE: AIV) to Buy from Hold and establishes a $26 target price on the company's solid earnings growth and multiple expansion potential. Key Banc says, "We believe the stock represents a compelling value given 10% FFO growth prospects in 2012: following over 2,500 bps of...

Key Banc downgrades BioMed Realty Trust (NYSE: BMR) to Underweight from Hold with a downside price target of $16. Key Banc says, "While we expect lab space demand to remain steady in 2012, BMR's valuation appears rich at a 6.8% implied cap rate relative to our growth expectations and the capital...

Key Banc downgrades Digital Realty Trust (NYSE: DLR) to Hold from Buy on caution related to 2012 growth prospects. Key Banc says, "DLR has traditionally grown earnings through higher rents, redevelopment leasing and acquisitions. While the redevelopment pipeline will likely remain steady,...

Key Banc downgrades SL Green (NYSE: SLG) to an Underweight rating with a downside price target of $64 per share. Key Bank says, "Conditions in Manhattan have significantly improved following post-Lehman lows, and the market has returned to prominence among favored markets; however, growing...

Key Banc lowers its rating on Kilroy Realty (NYSE: KRC) to Underweight from Hold with a downside price target of $35 per share. Key Banc says, "this downgrade largely reflects our view that high multiple REITs could come under pressure in 2012. In our December 19, 2011 initiation, we voiced...

Key Banc lowers its rating on Boston Properties (NYSE: BXP) to Underweight from Buy with a downside price target of $90 per share. Key Banc says, "While the Company has served as a safety trade given a fortress balance sheet and high quality office portfolio, the premium valuation appears...

Key Banc lowers its rating on Tanger Factory Outlet (NYSE: SKT) to Underweight from Hold as 2012 growth is expected to moderate. Key Banc says, "We view much of the Company's internal and external growth to be sufficiently priced in to the stock at current levels. The outlet sector has realized...

Key Banc lowers its rating on Taubman (NYSE: TCO) to Underweight from Hold as it expects growth in the company's portfolio to subside in 2012. Key Banc says, "We expect growth within TCO's portfolio to slow throughout 2012, as gains in store sales productivity moderate from the double-digit...

Key Banc recently hosted investor meetings with American Railcar Industries Inc. (NASDAQ: ARII) as analysts left with "renewed enthusiasm". Key Banc continues to believe ARII (and the industry) has likely passed the trough in terms of orders and backlog. Key Banc believes ARII is well positioned...

The shares of Simon Property Group (NYSE: SPG) and XTO Energy (NYSE: XTO) were downgraded today. Benchmark downgraded SPG from a buy to a hold on valuation. XTO Energy (XTO), was downgraded at Key Banc Capital Markets from a buy to a hold. The analyst cited the fact that XTO shares are now linked...