UPDATE: Stifel Nicolaus Upgrades Duke Realty to Buy

Stifel Nicolaus is out with its report today on Duke Realty (NYSE: DRE), upgrading DRE from Hold to Buy.

In its report, Stifel Nicolaus writes, "We are upgrading Duke Realty from Hold to Buy as we believe the just announced the $1.08B sale of 10.1mm SF of suburban office buildings for $107/SF, roughly a 9.3% in place NOI cap rate and roughly a 10.5% stabilized NOI cap rate at 93% occupancy by Duke Realty to Blackstone (NYSE: BX) is the transformative event the market has been debating."

Stifel Nicolaus has a $13 PT on DRE.

At the time of posting, shares of DRE were trading pre-market at $11.51, up 2.04% from Friday's close.