Argus analyst Jacob Kilstein downgraded American Campus to Hold from Buy on valuation, saying the stock price has risen about 20% since February ans is now within 7% of his prior target price. The analyst also expresses concern that the income loss from 3 dormitories will translate into lower FFOs over the next 2 years, adding that higher interest expense from new debt issuance could also weigh on the profitability. Kilstein is still positive on the overall direction of American Campus as it continues to transform its property portfolio with deals such as the recent $615M agreement to build dormitories for Disney interns.