Piper Sandler lowered the firm’s price target on Site Centers (SITC) to $23 from $72 and keeps an Overweight rating on the shares. Concurrently with the firm’s Curbline Properties (CURB) initiation, Piper is updating Site to reflect the new earnings power of the legacy open air portfolio. On October 1, Site issued 2 shares of Curbline for every one share of Site Centers, essentially meaning 2/3 of the company’s value was transferred to Curbline. The firm believes management will continue to sell down the portfolio, allowing shareholders to realize NAV, which it estimates is about 40% above the current stock price.
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Read More on SITC:
- Site Centers price target adjusted to $17 at Compass Point after Curbline spin
- Curbline Properties initiated with a Neutral at Citi
- Site Centers downgraded to Sector Weight from Overweight at KeyBanc
- Curbline Properties announces tax basis
- SITE Centers’ Strategic Spin-Off Creates Independent Curbline