KeyBanc Downgrades DDR Corp. (DDR) to Hold

KeyBanc downgraded DDR Corp. (NYSE: DDR) from Buy to Hold.

Analyst Jordan Sadler said, "Over the last several years, DDR’s operational and balance sheet execution has been strong, and we expect management to continue to impress. The Company has invested capital wisely and shed non-core property, exited Brazil, explained Puerto Rico, and formed partnerships with some of the savviest investors in the industry. In addition, management has right-sized the Company’s balance sheet and reduced leverage to more appropriate levels, which helped DDR obtain consensus investment grade ratings. While we expect DDR to continue to create value for shareholders, and think the Company has a strong tailwind at its back given the lack of new shopping center supply, we expect shares to perform in line with the strips given the stock’s 6.6% implied cap rate (60 bps higher than the strip sector’s average implied cap rate)."

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.

You May Also Be Interested In

• Nomura/Instinet Upgrades SK Innovation Co Ltd (096770:KS) to Neutral
• CLSA Upgrades Sumitomo Electric Industries Ltd (5802:JP) (SMTOY) to Outperform (2)
• Lucid Capital Markets Starts Core Scientific Inc. (CORZ) at Buy