UPDATE: Citigroup Downgrades Brookfield Office Properties to Sell on Headwinds

Citigroup downgraded Brookfield Office Properties

from Neutral to Sell and lowered the price target from $17.00 to $15.00. Citigroup commented, "We believe a number of negative catalysts could weigh on the shares this year. In the short term, 2013 consensus estimates appear very aggressive heading into BPO's 4Q report this Friday where we are 10% below the street. As the year progresses, the pending vacancy at WFC will significantly reduce income. While this is “well known”, we have found that the public markets has heavily discounted vacancy when the lease-up outlook is unclear." Brookfield Office Properties closed at $17.02 on Friday.