UPDATE: Stifel Nicolaus Raises PT to $22.50 on General Growth Properties
Stifel Nicolaus reiterated its Buy rating on General Growth Properties (NYSE: GGP) and increased its price target from $21 to $22.50.
Stifel Nicolaus noted, "GGP shares were down 2.9% today (compared to the S&P 500 at roughly flat) and could be weak over the next few weeks, in our view, as the remaining event-driven GGP investors will likely exit the stock, given the chances of a GGP sale has decreased dramatically. We would buy GGP shares on weakness; investors can now focus on the high quality mall portfolio, which is well positioned to generate above average internal growth over the next few years, in our view. We maintain our Buy rating and increase our target price to $22.50, based on our NAV at a 5.5% cap rate."
General Growth Properties closed at $19.46 on Thursday.
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