Bill Ackman Said Short Thesis on General Growth Properties (GGWPQ) Is Wrong, Says Stock Worth $24-$43

In a presentation, Bill Ackman's Pershing Square Capital hedge fund responded to Hovde's short thesis on General Growth Properties (OTC: GGWPQ) saying it is just plain wrong.

In the report, Ackman makes his case that the stock is worth $24-$43 per share, excluding the value of GGP's MPC segment.

Ackman said while the U.S. consumer has been harmed by the decline in housing and unemployment levels, they are not permanently impaired and things are improving.

Ackman also argues that the market position of high-quality U.S. malls will continue to improve and several retailers are planning mall-based expansion and new concepts. In addition, new construction in the retail sector is at a 22-year low.

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