UPDATE: Morgan Stanley Reiterates on DDR Following Brazil Exit
In a report published Tuesday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Overweight rating on DDR (NYSE: DDR), and raised the price target from $19.00 to $20.00.
In the report, Morgan Stanley noted, “DDR exits Brazil w/ a going-in cap rate of 10% and an exit cap of 7% - a win for DDR. Plus, a reduced risk profile should drive multiple expansion. Further, private market interest in power ctrs is growing (hence boost in asset sales) which the mkt does not appear to fully appreciate. Reiterate OW.”
DDR closed on Monday at $16.41.
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