Deutsche Bank Upgrades Developers Diversified Realty (DDR) to Buy
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Deutsche Bank upgrades Developers Diversified Realty Corp. (NYSE: DDR) from Hold to Buy but lowers their price target from $55 to $40, saying the stock seems oversold.
The firm said, "The shares have been depressed due to concerns about merchant development and the overall retail environment. But in our view the shares seem to have overly discounted the likely drop in earnings due to reduced merchant development gains and lower occupancy rates. We recognize near term concerns about retailers will depress the shares in the short term, but they appear over sold to us."
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