Cowen Updates Estimates on CBL & Assoc. Properties (CBL); Cuts Price Target to $13.50

Cowen maintained a Market Perform rating on CBL & Associates (NYSE: CBL), and cut the price target to $13.50 (from $17.50) based on updated estimates and relative valuations. Analyst James Sullivan increased 2015 FFO estimates to $2.29 from $2.28 and maintained 2016 estimates of $2.34. The primary driver of the slight increase is lower assumed dispositions partially offset by lower assumed SSNOI growth.

Sullivan commented, "We have increased our 2015 FFO/share estimate $0.01 to $2.29 and are maintaining 2016 at $2.34. Operating metrics for its B/C Mall portfolio are the weakest in our Mall coverage and disposition prospects have deteriorated, leading CBL to discontinue its planned asset sales. We are lowering the price target to $13.50 based on our updated estimates and relative valuations. Maintain Market Perform."

For an analyst ratings summary and ratings history on CBL & Associates click here. For more ratings news on CBL & Associates click here.

Shares of CBL & Associates closed at $13.33 yesterday.

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