UPDATE: Stifel Nicolaus Upgrades Mack-Cali Realty to Hold

Stifel Nicolaus is out with its report today on Mack-Cali Realty CLI, upgrading CLI to Hold from Sell. In its report, Stifel Nicolaus writes, "We are upgrading Mack-Cali from Sell to Hold as we think the attractive valuation and solid 39% levered balance sheet will result in share performance in line with the NAREIT Index." At the time of posting, shares of CLI were trading pre-market at $29.32, down 4.50% from Wednesday's close.