UPDATE: Jefferies Reduces PT to $36 on Highwoods Properties on Mixed Trends

Jefferies reiterated its Hold rating on Highwoods Properties

and lowered its price target from $37 to $36. Jefferies commented, "HIW remains our favorite play in the suburban office play given the high quality of its assets in its markets, clean balance sheet and solid management team. That said, fundamentals need to turn more positive and HIW needs to show additional progress on re-leasing large upcoming vacancies in Atlanta and Tampa. We maintain our Hold rating." Highwoods Properties closed at $33.23 on Friday.