Stifel analyst John Guinee on Friday upgraded several real estate investment trusts, noting that "the macro environment is changing to the positive for REITs." Concerns about rising interest rates have made REITs less attractive to investors in recent months, but Guinee said the resurgence of eurozone break-up fears "could easily result in lower interest rates and a risk-off investment mentality." Guinee took his rating on office space REIT UDR, Inc., and Highwoods Properties which manages apartments, to buy from hold, noting strong portfolios and low leverage. He also upgraded EastGroup Properties, Inc. an industrial REIT, to buy from hold and upped his target price, citing its attractive Sunbelt footprint and strong balance sheet. The SPDR Real Estate Select Sector ETF has lost nearly 4% in the year to date, while the S&P 500 [s:spx]is up more than 2%.