Baird recommends shuffling money out of big REIT gainers

• Upgraded to Outperform from Neutral is Franklin Street Properties (NYSEMKT:FSP), and cut to Neutral from Outperform are Alexandria Real Estate Equities (NYSE:ARE) and Boston Properties (NYSE:BXP).
• The moves look valuation-related as ARE and BXP have both had big runs this year, up 30% and 27%, respectively, while FSP is lower by 1.8%.