UPDATE: Bank of America Downgrades Cedar Realty Trust to Underperform, Reiterates $5.75 PT Based on Valuation

In a report published Tuesday, Bank of America analyst Craig Schmidt downgraded the rating on

from Neutral to Underperform, but reiterated the $5.75 price target. In the report, Bank of America noted, “We are downgrading Cedar Realty Trust (CDR) to Underperform from Neutral and maintain our $5.75 price objective. Although we do not foresee any major near-term negative catalysts, the current valuation suggests an Underperform rating relative our coverage cluster. CDR is up +16.2% over the last 90 days compared to Shopping Center REITs down -0.4%. We believe valuation is full at current levels.” Cedar Realty Trust closed on Monday at $6.01.