Piper downgrades Site Centers with stock value matching terminal value

As previously reported, Piper Sandler downgraded Site Centers (SITC) to Neutral from Overweight with a price target of $6.50, down from $8. While stating that there is potential for upside based on how final asset sales go, the firm sees the stock trading “essentially at our liquidation value” based on its updated net asset value estimate of $6.40 per share, the analyst tells investors.