UPDATE: Morgan Stanley Downgrades Piedmont Office Realty Trust to Underweight on High Risk

In a report published Tuesday, Morgan Stanley analyst Vance H. Edelson downgraded the rating on Piedmont Office Realty Trust

from Equal-Weight to Underweight, but reiterated the $18.00 price target. In the report, Edelson noted, “An office REIT so diverse that there's little room for outperformance. Most of PDM's markets remain sluggish and we also see company-specific operating performance challenges, including rent roll downs and heightened lease expirations. Government exposure and heavy debt maturities add to the risk.” Piedmont Office Realty Trust closed on Monday at $19.52.