Mizuho Securities Upgrades DDR Corp. (DDR) to Neutral
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Mizuho Securities upgraded DDR Corp. (NYSE: DDR) from Underperform to Neutral with a price target of $15.00.
Analyst Haendel St. Juste commented, "We are upgrading DDR to Neutral from Underperform with a $15.00 price target based on an 25% discount to our $20.00 NAV estimate at a 6% cap rate. On current valuation, DDR shares trades at a meaningful discount to shopping center REIT peers, having underperformed both the RMZ and the Shopping Center sector YTD, down 12% vs -3% for the sector and -2% for the RMZ. At recent pricing, DDR trades at 74% of NAV, its widest levels since 2Q/2009, (vs Shopping Centers' Malls' 88% / REITs' 90%) and 7.0% implied cap rate (6.0% / 6.5%) above private market cap rates."
Shares of DDR Corp. closed at $14.85 yesterday.
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