- While the company has attractive growth prospects, the shares are valued at a "massive" 27% premium to estimated NAV, says the team at Boenning & Scattergood, reiterating an Underperform rating on Seritage Growth Properties (SRG +1%).
- The company also needs to raise capital to fund redevelopment beyond its current pipeline, and they suggest a large equity raise in order to also pay off all restrictive CMBS debt.
- Previously: Seritage beats by $0.01 (Nov. 3)
Still bearish on Seritage - Boenning & Scattergood
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Symbol | Last Price | % Chg |
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SRG | - | - |
Seritage Growth Properties |