UPDATE: Morgan Stanley Reiterates On Piedmont Office Realty Trust Following 2Q Leasing Activity

In a report published Tuesday, Morgan Stanley analyst Vance H. Edelson reiterated an Underweight rating on

, but removed the $18.00 price target. In the report, Morgan Stanley noted, “Piedmont pre-released its second quarter leasing activity which came in at just over 760 ksf, a rebound from last quarter's 413k but below 3Q13's record 1.5 million, and essentially in line with two of the past four quarters (see chart to the right). We remain Underweight on a combination of the sluggish office outlook in several of PDM's core markets and a stronger fundamental backdrop for our Overweight names.” Piedmont Office Realty Trust closed on Tuesday at $19.08.