Stifel Nicolaus reduced its rating on Lexington Realty Trust LXP from Buy to Hold and suspended its previous $10 price target per share.
Stifel Nicolaus noted, "The primary news on the call was that the Net Lease Strategic (NLS - Inland America) preferred equity investment may not be paid off in 2H12 at roughly $210-$220mm, but that $400-$470mm of assets may revert back to Lexington in December 2012; 11%-13% asset growth. We think of this announcement as similar to exiting a dive too early and making an unwanted splash; hence, our downgrade to Hold. We still like most things about LXP, but recommend waiting until the judge's scores are posted."
Lexington Realty Trust closed at $9.02 on Wednesday.
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