Site Centers price target adjusted to $17 at Compass Point after Curbline spin

Compass Point adjusted the firm’s price target on Site Centers (SITC) to $17 from $64 and keeps a Neutral rating on the shares due to valuation, particularly given what the firm calls “the uncertain earnings outlook.” The effective liquidating trust that will be legacy Site Centers will likely achieve higher disposition cap rates than interest rates on retained debt, says the analyst, whose updated net asset value estimate is $16.90 per share, splitting out Curbline Properties (CURB) and legacy SITC NOI, “suggests minimal upside,” the analyst tells investors.