Credit Suisse Downgrades General Growth Properties to Neutral, PT is at $15.50

Credit Suisse lowers its rating on General Growth Properties

to Neutral on internal and external growth as well as relative valuation. Price target is at $15.50 per share. Credit Suisse says, "Absent Refinancings, GGP's Growth Should Trail Peers…GGP midpoint guidance implies impressive 8% growth from 2011. However, almost half this growth is derived from $3 billion of successful refinancings in 2011-a factor we do not think is over, but whose magnitude may be challenging to repeat. Forward growth will be dependent on topline performance, which may trail both the internal and external growth potential of Simon's

outlet business." GGP closed at $14 per share on Friday.