Jefferies Upgrades CBL & Associates (CBL) to Buy; Too Cheap To Ignore
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Jefferies upgraded CBL & Associates (NYSE: CBL) from Hold to Buy with a price target of $16.00 (from $10.50), saying execution makes shares too cheap to ignore.
Analyst commented, "We believe several issues that have been an overhang on CBL stock have been resolved or are in the process of resolution. CBL still faces issues due to a tough retail environment, but the risk-reward appears favorable given valuation and our view that balance sheet and portfolio improvement continues into 2017. We upgrade to a Buy rating with a new $16 PT."
Shares of CBL & Associates closed at $13.24 yesterday.
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