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Fly News Breaks for August 24, 2017
PEI
Aug 24, 2017 | 06:53 EDT
MUFG analyst Karin Ford downgraded Pennsylvania REIT to Neutral and cut its price target to $12 from $16 following a recent tour of seven of the company's malls. The analyst came back with concerns regarding near-term occupancy goals and the long-term trajectory of several properties. He said two of the seven malls toured are at risk of losing market position, the shopping experience at department stores was dismal, even at strong centers, there were numerous empty storefronts with little new store activity in them.
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