UPDATE 1-RESEARCH ALERT-Stifel raises 9 REITs to buy

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June 17 (Reuters) - Stifel Nicolaus took a bullish stance
on nine real estate investment trusts (REIT), including
Weingarten Realty Investors (WRI.N), National Retail Properties
Inc (NNN.N) and CBL & Associates Properties Inc (CBL.N), by
upgrading them to "buy" from "hold".

"We expect REITs to remain defensive, possibly finishing
negative for 2008, but outperforming the S&P 500," analyst
David Fick said in a research note.

"Short covering could provide a catalyst for the group," he
added.

The brokerage said Weingarten Realty will likely continue
to face challenges in 2008, but also cited the history of the
company management succeeding through many past economic
cycles, including the more severe Texas economic downturn.

On National Retail Properties, Fick said the company's
margins would be hurt by the weakening economy, but "there will
be little impact on earnings."

The following table lists the nine companies that were
raised to "buy" and Stifel's price targets on them:

COMPANY TARGET PRICE

Weingarten Realty (WRI.N) $37

National Retail Properties (NNN.N) $24

CBL & Associates Properties (CBL.N) $29

Pennsylvania REIT (PEI.N) $34

Cedar Shopping Centers (CDR.N) $14

Glimcher Realty Trust (GRT.N) $17

Ramco-Gershenson Properties (RPT.N) $26

Kite Realty Group Trust (KRG.N) $15

Capital Lease Funding (LSE.N) $9
(Reporting by Bijoy Koyitty in Bangalore; Editing by Anil
D'Silva)