UPDATE: ISI Downgrades Douglas Emmett to Hold

According to ISI, Douglas Emmett (NYSE: DEI) is downgraded to Hold.

ISI said that it is downgrading DEI from Buy to Hold as the stock has outperformed the REITs by ~900bp YTD, accurately reflecting in its view the improving fundamentals in LA relative to other office markets. “Going forward, the key to the DEI investment story is the pace of lease up in its West LA and Valley markets.”

Douglas Emmett closed yesterday at $12.03.