UPDATE: Stifel Nicolaus Raises PT to $21 on General Growth Properties

Stifel Nicolaus reiterated its Buy rating on General Growth Properties

and increased its price target from $20 to $21. Stifel Nicolaus said, "General Growth Properties shares jumped 9.72% yesterday after GGP filed a Schedule 13 disclosing a letter from Pershing Square, GGP's second largest shareholder, pushing for the formation of an independent committee to explore a sale of the company. Pershing Square maintains that Brookfield has an unfair advantage as it pursues a possible GGP acquisition and BAM is slowly gaining control of GGP without paying a control premium. GGP's Board of Directors issued a statement that it will “carefully" review the Pershing Square letter. Whether the Board forms a special committee or not, the "Pershing Letter" could lead to some corporate governance improvements and possibly GGP purchasing the Brookfield warrants, in our view." General Growth Properties closed at $20.32 on Thursday.