Keefe, Bruyette & Woods Downgrades General Growth Properties (GGP) to Underperform; In-line Results, But Much Work Remains

Keefe, Bruyette & Woods downgraded General Growth Properties (NYSE: GGP) from Market Perform to Underperform, price target raised to $15.00.

KBW analyst says, "Few surprises, as results & guidance were in line, yet much work remains to be done. Share price & valuation suggest GGP has well-oiled machine Simon Property (NYSE: SPG) in its crosshairs. We believe otherwise, that GGP remains a "show me" story. Increasing NAV to $14.50 on NOI growth & greater clarity following Rouse spinoff. Raising PT...Yet, still much to show in GGP story."

For an analyst ratings summary and ratings history on General Growth Properties click here. For more ratings news on General Growth Properties click here.

Shares of General Growth Properties closed at $16.40 yesterday.

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