Fly News Breaks for January 9, 2020
FRT, SITC
Jan 9, 2020 | 08:13 EDT
Deutsche Bank analyst Derek Johnston opened up a "Catalyst Call Sell idea" on Site Centers (SITE), hedged against Federal Realty (FRT). The analyst expects shares of Site to underperform strip peers on a relative basis saying the company has outsized exposure to "watch-list tenants" that have announced store closures or restructurings. Further, the ultimate liquidation of SpinCo could take longer than contemplated, increasing the overhang on shares, Johnston tells investors in a research note.
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