Cedar Shopping Centers loses Buy rating at Wunderlich


After a nice run for the stock and sounding like he's not pleased with the recent equity raise at a discount to his NAV estimate, analyst Craig Kucera cuts Cedar Shopping Centers (CDR) to Hold with $6.75 price target from Buy and $7 price target.

"We applaud management's efforts at repositioning and deleveraging the portfolio, but given CDR's current price relative to our NAV and DCF estimates at less than $7, we are downgrading shares to Hold given a total return potential (including the ~3% dividend yield) in the 11% range."

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