UBS Raises Price Target on CBL & Assoc. Properties (CBL) to $10.50
- Wall Street falls with financials, other post-election gainers
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shortens sentence of Manning, who gave secrets to WikiLeaks
- US Drone Market Could Reach 6 Million By 2019 - Oppenheimer
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
UBS reiterated a Neutral rating on CBL & Associates Properties (NYSE: CBL), and raised the price target to $10.50 (from $10.00), following the company's 3Q. Mall SSNOI growth came in at +2.3% in 3Q, though CBL continues to lap easy comps with 3Q15 SSNOI down 0.8%. TTM tenant sales were basically flat y/y at $377 and in-line with 2Q.
Analyst Jeremy Metz commented, "CBL's core 3Q operating metrics showed some stability, but are clearly benefiting from lapping some very easy comps (the opposite problem MAC is facing), including a negative SSNOI growth print from 3Q15. That said, CBL picked up some occupancy, rent spreads were decent, and the company appears to be making some progress on dispositions with a package of 3 malls under binding contract. Malls overall are facing headwinds though, which will only be amplified over time in class B/C malls, in our view, with CBL's new lease spreads coming in at the lowest level since 2012 evidence of the potential pressures ahead."
Shares of CBL & Associates closed at $10.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Reiterates Buy on Noble Midstream Partners LP (NBLX) - PT to $47
- Mizuho Securities Raises Price Target on Noble Energy (NBL) to $48; Reiterates Buy
- Barclays Downgrades Xilinx (XLNX) to Underweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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!