J.P. Morgan Maintains Neutral on General Growth Properties (GGP)

J.P. Morgan is out with its report today on General Growth Properties

, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We are Neutral on the stock due to offsetting factors. On the positive side, the stock trades at discounted valuations relative to its higher productivity peers and we suspect that there should be some marginal operating benefit as it continues to emerge from Chapter 11. On the other hand, the company is still running with well above-average leverage and we think that it will likely take management some time to get its arms around the portfolio and execute on its plan. Additionally, consistent with our re-initiation thesis, we continue to believe that the on-going portfolio held up better through the Chapter 11 process than many suspected, which could keep a lid on 'company specific' upside." J.P. Morgan has a $15 PT on GGP. Shares of GGP closed Tuesday at $15.99, up 0.31% from Monday's close.