Saul Centers downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst RJ Milligan downgraded Saul Centers to Market Perform from Outperform without a price target. While Milligan believes the current ~22% NAV discount is unwarranted given the proven resilience of the portfolio through the pandemic and positioning in strong urban markets, he sees few near-term catalysts given minimal earnings growth over the next two years due to higher interest rates and development drag, the analyst tells investors in a research note.