CBL & Associates downgraded to Underperform from Sector Perform at RBC Capital RBC Capital downgraded CBL & Associates to Underperform and lowered its price target to $17 from $21 due to the sharp deterioration in Q1 operating metrics combined with continued stagnation regarding dispositions.
CBL & Associates reaffirms FY15 adj. FFO view $2.24-$2.31, consensus $2.27 CBL’s guidance assumes a same-center NOI growth range of 0% -2.0% in 2015. The guidance also assumes 2.0M-$4.0M of outparcel sales; no additional unannounced acquisition or disposition activity; and no unannounced capital markets activity. Sees diluted EPS 75c-82c.