UPDATE: Citigroup Upgrades General Growth Properties to Buy on Tailwinds

Citigroup upgrades its rating on General Growth Properties GGP from Neutral to Buy and raises its price target from $17 to $20. Citigroup comments, "GGP is on the right path to delivering solid shareholder returns for several reasons: 1) retailer demand is improving and GGP's primary focus on leasing and increasing occupancy cost (rents) is starting to pay off with management noting they “are busier than they have ever been”, 2) recent flattening of the management structure and IT spending should continue to drive efficiencies and some reduction in G&A, 3) portfolio quality will continue to improve by asset sales, redevelopment and de-levering will be progressive, and 4) GGP have 'plenty of existing toys to play with' through 2014 and will not lose their focus on leasing and commensurate EBITDA growth to pursue external growth." GGP closed at $17.50 on Wednesday.