UPDATE: UBS Downgrades DDR Corp. (DDR) to Neutral

(Updated - September 12, 2014 9:38 AM EDT)

UBS downgraded DDR Corp. (NYSE: DDR) from Buy to Neutral with a price target of $18 (from $19.).

Analyst Jeremy Metz said, "In a surprise move after the close today, DDR announced that admired CEO Dan Hurwitz will be stepping down at the end of 2015. The board plans to hire an executive search firm in order to find Mr. Hurwitz's successor. We think it's tough to see the shares making material advances until the market gets clarity on the future leadership and direction at DDR (a la EQY following Jeff Olson's departure). Therefore, we think investors will take a wait and see approach, leaving the shares range bound in the interim. As such, we are lowering our Price Target to $18 and moving to Neutral."

For an analyst ratings summary and ratings history on DDR Corp. click here. For more ratings news on DDR Corp. click here.

Shares of DDR Corp. closed at $17.82 yesterday.

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