UPDATE: Stifel Nicolaus Upgrades Washington REIT to Buy (WRE)

Stifel Nicolaus is out with its report today on Washington REIT WRE, upgrading WRE to Buy. In a note to clients, Stifel Nicolaus writes, "We are upgrading Washington REIT to Buy because 1) with an Implied NOI/Cash Flow/CF less G&A Cap Rates of 6.3%/5.6%/5.1%, WRE trades at a (19%-8%) discount to our 5.5%-6.0% Net Asset Value range, 2) we think highly of its recent acquisitions, 3) we expect pricing on its 16 asset, 3mm SF, $23mm of 2011 NOI industrial/flex portfolio sale currently in the market to exceed expectations; 4) YTD shares are up 5.0% relative to the RMZ up 8.9%." Stifel Nicolaus has a $36 PT on WRE. Shares of WRE closed Monday at $32.54.