UPDATE: Jefferies Downgrades DDR Corporation to Hold as Key Catalyst Passes

Jefferies downgraded DDR Corporation DDR from Buy to Hold and reduced its price target from $19 to $17. Jefferies said, "While we remain fans of the DDR story (and most especially the management team), we are downgrading the stock to a HOLD primarily due to the fact that a key catalyst (i.e., attractive debt refinancing simultaneous with improving balance sheet strength) has now occurred. In our opinion, the stock is also now fairly valued after the strong 28% run the stock experienced in 2012." DDR Corporation closed at $15.87 on Monday.