UPDATE: Bank of America Downgrades Glimcher Realty Trust to Neutral on Slowing Sales, Lower Consumer Confidence
Bank of America reduced its rating on Glimcher Realty Trust (NYSE: GRT) from Buy to Neutral and maintained its price target at $10.50 in a research report published today.
In the report, Bank of America said, "BofAML economists continue to call for a weaker consumer in 2H12 due to the impending fiscal cliff. In addition, June's same-store sales were up a very modest +0.3%, University of Michigan's consumer sentiment index recently hit a new low for the year, and many retailers continue to exercise caution regarding new store openings (A&F announced another 180 store closings). As such, we are getting more cautious on retail in 2H12. While we expect sales to slow across all segments of retail, we believe higher quality portfolios will be better insulated."
Glimcher Realty Trust closed at $10.49 on Tuesday.
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