UBS Reiterates a 'Neutral' on CBL & Associates (CBL); Ultimately Trades on Perceived Demand for Class B Malls

UBS reiterates a 'Neutral' on CBL & Associates (NYSE: CBL) price target raised from $14.50 to $17.00.

UBS analyst says, "While we continue to have longer-term fundamental concerns about lower quality malls in the U.S., we are increasingly of the view that for the foreseeable future CBL will have NAV support in the perceived private market demand for Class B malls. This perception has been influenced by lower costs and wider availability of capital for second-tier assets, evidenced in the reemergence and continued strengthening of the CMBS market in 2012. The 5% dividend yield (vs. 3.6% for REITs), safe with a 58% AFFO payout ratio, also provides share price support...Our 2012 and 2013 FFOPS estimates remain at $1.99 and $2.11, respectively."

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 $17.64 yesterday.

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