UPDATE: Stifel Nicolaus Downgrades Kilroy Realty Corporation to Hold on Valuation

Stifel Nicolaus reduced its rating on Kilroy Realty Corporation

from Buy to Hold and suspended its previous $52 price target. Stifel Nicolaus commented, "After returning 22.0% YTD vs the RMZ at 11.9%, and with shares trading near the high end of our NAV range ($42-$47/sh), we are downgrading on valuation. We continue to like the Kilroy strategy as we believe active value-add investing and harvesting profits outweighs the buy and hold mentality." Kilroy Realty Corporation closed at $46.45 on Tuesday.