UPDATE: Stifel Nicolaus Downgrades Washington REIT to Hold

Stifel Nicolaus is out with its report today on Washington REIT

, downgrading WRE from Buy to Hold. In its report, Stifel Nicolaus writes, "We are downgrading Washington REIT as we think the outperformance associated with the recent $350mm industrial/flex portfolio sale and associated capital recycling has largely played out and a sluggish greater Washington, D.C., economy will hurt property operations." At the time of posting, shares of WRE were trading pre-market at $28.42, down 0.14% from Thursday's close.