As previously reported, Wells Fargo downgraded Site Centers (SITC) to Equal Weight from Overweight with a price target of $19, down from $68, following the spinoff of Curbline Properties (CURB) on October 1. The firm’s analysis of its remaining assets to sell, along with estimated outstanding costs, implies an NAV/share of $19. Further, Wells believes Site Centers is likely to remain range bound as a disposition story, with movements predominantly based on asset sales/pricing, and muted by reduced investor attention.
