UBS Raises Price Target on CBL & Assoc. Properties (CBL) to $10.50
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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.
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