UPDATE: Raymond James Downgrades Cedar Shopping Centers (CDR) to Market Perform

Raymond James analyst RJ Milligan downgraded Cedar Shopping Centers (NYSE: CDR) from Outperform to Market Perform.

The analyst comments "We are downgrading shares of CDR to Market Perform. While investors may be leaving some money on the table if the deal closes as planned (expected to generate net proceeds to investors “over $29/share”), we do see some downside risk given the issues that could arise from the proposed deal structure. We still view the transaction as a positive outcome for common equity shareholders. As we wrote in our note on 3/2 when the deal was announced, we view the transaction as a positive outcome for CDR common
equity shareholders (if it closes as planned). CDR shares have traded at a perpetual discount to NAV, and we believe the separate bucketing of assets in this deal structure is achieving the best possible outcome. However, we will have to wait until the proxy is filed to get more details on fees/expenses and management payout before we can give a complete assessment."

For an analyst ratings summary and ratings history on Cedar Shopping Centers click here. For more ratings news on Cedar Shopping Centers click here.

Shares of Cedar Shopping Centers closed at $28.31 yesterday.

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