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SPG

Simon Property

$185.89

2.115 (1.15%)

, MAC

Macerich

$42.79

-2.07 (-4.61%)

07:54
02/08/19
02/08
07:54
02/08/19
07:54

Wells downgrades Regional Mall REIT sector to Market Weight from Overweight

Wells Fargo analyst Jeffrey Donnelly reduced his rating on the Regional Mall REIT sector to Market Weight from Overweight. The ongoing "revenue disruption" from small-shop and anchor turnover combined with the anchor redevelopment initiatives will be a persistent source of earnings pressure in 2019 and 2020, Donnelly tells investors in a research note. Amid "low and decelerating" core earnings growth relative to other property types, the analyst believes "all but the very best capitalized companies may continue to trade as value ideas." He views Simon Property (SPG) as the dominant global player due to its "strong liquidity, robust balance sheet capacity, high-quality assets, and the depth of personnel capable of undertaking extensive redevelopment programs." Donnelly this morning also downgraded Macerich (MAC) to Market Perform from Outperform and kept an Underperform rating on CBL & Associates (CBL).

SPG

Simon Property

$185.89

2.115 (1.15%)

MAC

Macerich

$42.79

-2.07 (-4.61%)

CBL

CBL & Associates

$2.26

-0.19 (-7.76%)

  • 08

    Feb

  • 03

    Mar

SPG Simon Property
$185.89

2.115 (1.15%)

10/05/18
JPMS
10/05/18
UPGRADE
Target $198
JPMS
Overweight
Simon Property upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Anthony Paolone upgraded Simon Property Group to Overweight with an unchanged price target of $198. The analyst views the shares as "cheap" on an absolute and relative basis compared to other REITs. Further, he believes Simon has a "good runway" to generate growth over the near-to-intermediate term.
10/09/18
ARGS
10/09/18
NO CHANGE
Target $200
ARGS
Buy
Simon Property price target raised to $200 from $195 at Argus
Argus analyst Jacob Kilstein raised his price target on Simon Property (SPG) to $200 and kept his Buy rating, citing the potential from higher earnings as the company looks to transform its "department store anchor tenants" into more profitable retailers to match the rent paid by its smaller "non-anchor" stores and restaurants. The analyst is also positive on the company's "profitable co-ownership investment in Aeropostale (AROPQ) and the indicated openness by its CEO to close similar "unusual" deals. Kilstein raises his FY18 FFO view on Simon Property by 2c to $12.09, adding that its 14.3-times forward FFO valuation is near the low end of its historical range of 12.3-20.9-times.
10/16/18
SCOT
10/16/18
INITIATION
Target $177
SCOT
Sector Perform
Simon Property initiated with a Sector Perform at Scotiabank
Scotiabank analyst Nicholas Yulico initiated Simon Property with a Sector Perform and $177 price target.
02/04/19
LEHM
02/04/19
NO CHANGE
LEHM
Barclays upgrades U.S. REITs sector to Positive from Neutral
Barclays analyst Ross Smotrich upgraded his sector rating on U.S. Real Estate Investment Trusts to Positive from Neutral. Late cycle concerns around slowing growth, rising interest rates and full asset values are overdone, Smotrich tells investors in a research note. The analyst believes that real estate fundamentals "have a good runway for continued strength, particularly compared to the slowing broader market." In Multifamily, the analyst upgraded the sub-sector to Positive, reiterates Overweight ratings on Essex Property Trust (ESS) and MAA (MAA), upgraded Camden Property Trust (CPT) to Overweight from Equal Weight for exposure to "18 hour cities" and downgraded Aimco (AIV) to Equal Weight from Overweight on slowing growth. In Office, Smotrich keeps a Neutral sub-sector rating "with a Positive tilt." His outlook for the sector is improving given "healthy underlying fundamentals and attractive valuations." He upgraded both SL Green Realty (SLG) and Brandywine Realty (BDN) to Overweight from Equal Weight, and Douglas Emmett (DEI) to Equal Weight from Underweight. The analyst maintain Overweight ratings on Alexandria Real Estate (ARE), Boston Properties (BXP) and Hudson Pacific (HPP). In Retail, the analyst tells investors to stay selective. He prefers larger companies with "better-quality assets, balance sheet flexibility, the ability to take share and grow earnings even as retailers evolve and rationalization store counts." Smotrich upgraded Regency Centers (REG) to Overweight from Equal Weight, reaffirmed Overweights on both Kimco Realty (KIM) and Simon Property (SPG), and downgraded Kite Realty Group (KRG) to Equal Weight from Overweight.
MAC Macerich
$42.79

-2.07 (-4.61%)

02/08/19
WELS
02/08/19
DOWNGRADE
Target $43
WELS
Macerich downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Jeffrey Donnelly downgraded Macerich to Market Perform from Outperform and lowered his price target to $43 from $65.50. In a research note to investors, Donnelly says he is unable to see an internal catalyst to drive shareholder value and believes Macerich will continue to face outsized capital expenditures for anchor re-tenanting over the next 2-3 years, but 2019 guidance implies cash flow from operations may not fully cover the growing capital needs as well as the common dividend. He adds that he is concerned that with low earnings growth and retained cash flows, there is little internally-generated capital on hand in the event capital needs in the next 2-3 years exceed incremental mortgage refinancing proceeds.
02/08/19
WELS
02/08/19
DOWNGRADE
WELS
Market Perform
Macerich downgraded to Market Perform from Outperform at Wells Fargo
01/23/19
MZHO
01/23/19
DOWNGRADE
Target $48
MZHO
Neutral
Macerich downgraded to Neutral from Buy at Mizuho
Mizuho analyst Haendel St. Juste downgraded Macerich to Neutral with a $48 price target. The analyst expects Real Estate Investment Trusts to perform competitively against the S&P 500 Index in 2019 amid more favorable supply/demand dynamics from lower supply, range-bound interest rates, capital availability, and stable GDP growth. However, he downgrades Macerich to reflect a lack of earnings growth and near-term share catalysts.
12/20/18
12/20/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macerich (MAC) downgraded to Sector Weight from Overweight at KeyBanc. 2. Eventbrite (EB) downgraded to Hold from Buy at Stifel with analyst Scott Devitt citing valuation. 3. HSBC (HSBC) downgraded to Sell from Hold at Edward Jones. 4. Noble Corp (NE) and Ensco (ESV) were downgraded to Hold from Buy at Societe Generale. 5. Greif (GEF) downgraded to Underperform from Outperform at BMO Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CBL CBL & Associates
$2.26

-0.19 (-7.76%)

12/19/18
JPMS
12/19/18
DOWNGRADE
JPMS
Underweight
CBL & Associates downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Anthony Paolone downgraded CBL & Associates to Underweight. In addition to moving to a less constructive stance on the mall REITs as a group, the analyst believes that CBL's earnings growth will continue to be impacted in the near term by the carryover of headwinds from recent bankruptcies, rent reductions, and co-tenancy issues.
08/07/18
BTIG
08/07/18
DOWNGRADE
Target $2.5
BTIG
Sell
CBL & Associates downgraded to Sell from Neutral at BTIG
BTIG analyst James Sullivan downgraded CBL & Associates to Sell from Neutral with a price target of $2.50 after the company warned in its earnings call that a dividend cut in FY19 is possible. The analyst cites the REIT's declining same-store net operating income, capital needs of its portfolio, and a high debt load while re-negotiating its bank lines ahead of a maturing term loan facility next year. Sullivan adds that while CBL's guidance implies some improvement in the second half of this year, its "weaker sales productivity" suggests that the rebound will be more shallow than that of its peers, anticipating a dividend cut of 30%-50%.

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ADTN

Adtran

$15.84

0.09 (0.57%)

20:07
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  • 18

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BHC

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$22.91

-0.26 (-1.12%)

, PGNX

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$22.91

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PGNX

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$5.38

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Teva

$8.11

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  • 24

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EFC

Ellington Financial

$18.30

0.045 (0.25%)

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  • 18

    Jul

EPRT

Essential Properties Realty Trust

$19.83

-0.27 (-1.34%)

19:26
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Essential Properties Realty Trust 22.86M share Secondary priced at $19.75 »

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  • 18

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FTSV

Forty Seven

$8.77

-1.38 (-13.60%)

19:22
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NYMT

New York Mortgage

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IBKC

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IBKC

Iberiabank

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EBAY

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NFLX

Netflix

$362.50

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  • 17

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MIRM

Mirum Pharmaceuticals

$0.00

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  • 18

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GSBC

Great Southern Bancorp

$57.85

-0.78 (-1.33%)

18:31
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  • 18

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NFLX

Netflix

$362.50

-3.22 (-0.88%)

18:28
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  • 17

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NFLX

Netflix

$362.50

-3.22 (-0.88%)

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  • 17

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  • 17

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NFLX

Netflix

$362.50

-3.22 (-0.88%)

18:13
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  • 17

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  • 17

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NFLX

Netflix

$362.50

-3.22 (-0.88%)

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  • 17

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IBM

IBM

$143.07

-0.47 (-0.33%)

17:53
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