UPDATE: Morgan Stanley Reiterates on CBL & Associates Properties on Mixed Factors
In a report published Wednesday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Underweight rating on CBL & Associates Properties (NYSE: CBL), but removed the $19.00 price target.
In the report, Morgan Stanley noted, “A 4Q beat and div raise are positives, but negative 4Q SS NOI growth of -0.1% and a similarly bleak 2014 NOI expectation (+1.0% -2.0%) suggests n/t weakness for CBL. Near-term, a challenging retail environment will pressure B/C mall occupancies / rents; longer-term, a decline in department store sales, accelerating internet sales and competition from big-box retailers remains a risk. As such, we expect CBL's operating metrics to trail its peers'; reiterate UW.”
CBL & Associates Properties closed on Tuesday at $17.36.
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