Baird analyst David Rodgers downgraded Washington REIT to Neutral from Outperform and lowered his price target to $28 from $30, telling investors in a research note that the challenging fundamentals underlying the company's current Metro D.C. portfolio are unlikely to improve in any meaningful way in the near-term. Rodgers says he views the risk-reward as balanced, given its "moderately" overleveraged balance sheet, a fair valuation for Class B, multi-property assets and a longer-term shift toward Multifamily that he thinks will prove dilutive, and says he is "incrementally cautious" on Washington REIT shares.