Boenning & Scattergood Downgrades DDR Corp. (DDR) to Underperform
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Boenning & Scattergood downgraded DDR Corp. (NYSE: DDR) from Neutral to Underperform with a price target of $15.50.
Analyst Floris van Dijkum said, "We are downgrading DDR to Underperform as further cleaning up of its portfolio could be dilutive to both FFO and NAV in the short to medium term. It appears that DDR could suffer higher than expected dilution due to asset sales like the recently closed upstate New York portfolio. Based on our strip database, DDR sold its upstate New York portfolio at an 8.9% cap rate, more than 150 bps wide of our carrying value, reducing our NAV estimate for DDR by $0.24. While there may have been some increased expected vacancy at the portfolio that could push the forward cap rate down, it appears that DDR was a price taker. We believe there could be more near-term downward pressure on NAV based on additional planned dispositions (up to 7% of current NAV) but are leaving estimates unchanged until third quarter results."
Shares of DDR Corp. closed at $16.36 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Herbalife's (HLF) Debt Package News Seen as 'Enormous Positive' at Pivotal Research
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesBoenning & Scattergood
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!