UPDATE: JP Morgan Cuts Target to $18 on Piedmont Office Realty Trust

JP Morgan lowers its price target $2 to $18 on Neutral-rated Piedmont Office Realty Trust PDM as it lowers estimates following Q4 results. JP Morgan says, "We are lowering our FFO/share estimates following 4Q earnings. We are lowering our 2012 FFO/share estimate $0.03 to $1.41. Our new $1.41 estimate for 2012 falls $0.01 above the midpoint of company guidance ($1.35 to $1.45) and in line with Bloomberg consensus. We are lowering our 2013 FFO/share estimate $0.14, primarily as a result of assuming the OCC's 334k SF space becomes vacant in 2Q'13 and remains vacant for the remainder of the year (we previously assumed 50% of the space would be re-leased to a new tenant)." PDM closed at $17.79 a share yesterday.