UPDATE: Citi Downgrades Duke Realty; Raises PT

According to a research report published this morning, Citi has downgraded Duke Realty

from Buy to Neutral, but increased PT from $14 to $15. In the report, Citi said, "Our Buy thesis on DRE has largely played out and the stock has outperformed this year (+24%YTD). We had been attracted to (1) a repositioning of the portfolio, (2) the lease-up of vacancy, (3) an improving balance sheet and cost of capital, and (4) the narrowing of what had been a wide discount to NAV and sum of the parts. These catalysts have either transpired or are now better reflected in valuation." Duke Realty closed yesterday at $14.82.