UPDATE: Stifel Nicolaus Upgrades General Growth Properties to Buy, Establishes PT of $17
Stifel Nicolaus raises its rating on General Growth Properties (NYSE: GGP) to Buy from Hold and established a $17 price target as the company completes Rouse spin-off and sees an improvement in fundamentals.
Stifel Nicolaus says, "With the spin off complete, GGP has a high quality portfolio of primarily “A” malls. These assets generated sales of $494 psf and core NOI (GGP's version of same-store) of 2.4% in 3Q compared to sales psf of $471 and core NOI of 1.8% when the Rouse properties are included. 3Q occupancy increases by 80 bps to 93.5% from 92.7%. GGP is poised to reverse several years of portfolio fundamental underperformance."
GGP closed at $14.75 per share on Friday.
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