Mizuho Securities Raises Price Target on CBL & Assoc. Properties (CBL) to $14
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Mizuho Securities reiterated a Neutral rating on CBL & Associates (NYSE: CBL), and raised the price target to $14.00 (from $13.00), following the company's announced key updates into purported accounting allegations.
Analyst Haendel St. Juste commented, "Earlier today, CBL announced today key updates into purported accounting allegations (made by a former employee). First, CBL confirmed that, through "our outreach to the DOJ, we confirmed that the DOJ is "not conducting an investigation of CBL". In addition, an in-depth, independent investigation (commissioned by CBL specifically for the SEC) also found no wrong-doing; to be clear, the SEC has not released a statement officially clearing CBL, but the findings were very clear, in our view."
Shares of CBL & Associates closed at $12.56 yesterday.
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