UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on CBL & Associates Properties on Model Update Following 3Q Earnings

In a report published Monday, Citigroup analyst Michael Bilerman reiterated a Neutral rating on

, but lowered the price target from $23.50 to $21.50. In the report, Citigroup noted, “Following 3Q earnings, our 2013 FFO estimate decreases from $2.23 to $2.20, our 2014 estimate decreases from $2.26 to $2.23 and our 2015 estimate decreases from $2.36 to $2.33 due to lowered guidance and dilution from asset sales and debt offering. Additionally, we are decreasing our target price from $23.50 to $21.50 which represents an ~8.5% change. To arrive at our $21.50 target price we apply a ~12x AFFO multiple on '14E AFFO, a lower multiple than higher productivity peers given CBL's high leverage and weaker sales productivity portfolio.” CBL & Associates Properties closed on Friday at $18.06.