Equities Research Analysts’ downgrades for Monday, September 29th:AvalonBay Communities (NYSE:AVB) was downgraded by analysts at BNP Paribas Exane from an outperform rating to a neutral rating. Choice Hotels International (NYSE:CHH)was downgraded by analysts at Bank of America Corporation from a buy rating to an underperform rating. Essex Property Trust (NYSE:ESS) was downgraded by analysts at BNP Paribas Exane from an outperform rating to a neutral rating. KALA BIO (NASDAQ:KALA) was downgraded by analysts at LADENBURG THALM/SH SH from a buy rating to a neutral rating. Citigroup Inc. currently has $97.00 price target on the stock, down from their previous price target of $101.00.