Keefe, Bruyette & Woods Upgrades General Growth Properties (GGP) to Market Perform; Spin-Off & Weak 2Q Prompt Massive Selloff

Keefe, Bruyette & Woods upgraded General Growth Properties (NYSE: GGP) from Underperform to Market Perform with a price target of $16.00.

KBW analyst says, "Spin-off of 30 worst malls was unexpected & unwelcome news as GGP will essentially shift burden to investors. Coupled with weaker-than-expected 2Q results, massive selloff/underperformance in shares today - which seems appropriate given roadbumps ahead. Yet, current valuation discount vs peers seems more appropriate & reflective of key risks. Lowering est. and NAV."

For more ratings news on General Growth Properties click here and for the rating history of General Growth Properties click here.

Shares of General Growth Properties closed at $15.32 yesterday.

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