UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on DDR Corp. as 'Prime' Strategy is Paying Off

In a report published Thursday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Overweight rating on

, but removed the $19.00 price target. In the report, Morgan Stanley noted, “DDR delivered an in-line quarter and reiterated 2014 guidance, as underlying operating metrics reflect a higher quality portfolio and pay testament to the progress DDR has made via its 'Prime' strategy. Meanwhile, newly structured JV deals with a ‘right of first offer' option present attractive opportunities for DDR to further enhance its asset base. All told, we believe DDR's portfolio is positioned to produce consistent n/t NOI growth of 2.5%- 3.5%, well ahead of the strip sector's l/t NOI avg growth of ~2%. This, combined with DDR's attractive relative valuation, supports our OW rating.” DDR Corp. closed on Wednesday at $15.90.