UPDATE: Goldman Sachs Downgrades CBL & Associates Properties to Neutral on Valuation

Goldman Sachs reduced its rating on CBL & Associates Properties

from Buy to Neutral with a reiterated $23 price target. Goldman Sachs commented, "We downgrade shares of CBL & Associates Properties (CBL) to Neutral from Buy, as the share price is nearly at our 12-month price target of $23, and an improving credit recovery environment is reflected in equity prices. Going forward we think operating performance will be the key metric for mall REITs, but that CBL's exposure to malls with weaker historical sales growth and challenged anchor stores, will result in limited internal growth opportunities." CBL & Associates Properties closed at $22.47 on Monday.