UPDATE: Stifel Nicolaus Raises PT to $21 on CBL & Associates Properties; Improving Fundamentals
Stifel Nicolaus raises its price target from $19 to $21 on Buy-rated CBL & Associates Properties (NYSE: CBL) on improving business fundamentals.
Stifel Nicolaus says, "CBL's portfolio fundamentals are improving and the portfolio should generate positive same store growth over the next few years as national retailers are increasing store counts and leasing leverage is slowly swinging back to the landlord in high quality malls in tertiary markets. The recent Westfield sale of seven malls generating sales of $367psf at a low 7% cap rate is a welcome sign of liquidity for the "B" mall market and provides positive price discovery for the CBL portfolio, in our view."
CBL closed at $18.63 on Monday.
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