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Stifel Nicolaus & Co. raises First Potomac Realty Trust to 'hold'

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Stifel Nicolaus & Co. raises First Potomac Realty Trust to 'hold'

StifelNicolaus & Co. Inc. analyst John Guinee upgraded his investment opinionof First Potomac RealtyTrust to "hold" from "sell," and increased hisprice target to $9.50 from $9.

The analyst wrote in a research report: “After the recentshare price weakness and updating our thoughts on the First Potomac businessplan, we are upgrading to Hold from Sell. While others may value FPO at$10.00/sh Net Asset Value, we are looking forward past the three largemove-outs (Prisons, CACI, HHS), and estimate the NAV to be closer to $9.00/sh.Specifically, at an 8% cap rate, our NAV based on 2Q16 reported earnings is$10.04/sh. After adjusting for asset sales and known move-outs, at a 8% caprate, our forward NAV is $9.03/sh.”