JPMorgan Downgrades General Growth Properties (GGP) to Neutral
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JPMorgan downgraded General Growth Properties (NYSE: GGP) from Overweight to Neutral with a price target of $23.50 (from $25.50).
Analyst Michael Mueller is re-shuffling ratings on his REIT coverage and downgrades General Growth Properties (NYSE: GGP), Simon Property Group (NYSE: SPG), Macerich (NYSE: MAC) to Neutral, upgrades Duke Realty (NYSE: DRE) to Neutral and upgrades Prologis (NYSE: PLD) to Overweight.
The analyst sees value in mall stocks still but feels the GGP buyout effort from Brookfield as a negative for the sector (he believes the transaction price could limit upside potential for mall REITs over the NT) and therefore steps to the sidelines on GGP, MAC and SPG.
Shares of General Growth Properties closed at $21.21 yesterday.
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