© Reuters. No bounce yet for CBL & Associates; Jefferies throws in the towel
- “Everything the market feared came true in Q3,” says analyst Omotayo Okusanya, downgrading to Hold from Buy.
- The magnitude and rate of deterioration in CBL’s portfolio was far greater than expected in Q3, says Okusanya. Look for more of the same next year thanks to tenants like J.C. Penney, Sears, and Bon-Ton, not to mention exposure to the oversaturated junior-apparel market.
- Source: Bloomberg’s Lily Katz
- CLB -1.95% today, and now 50% Y/Y. A $25 stock four years ago, CBL is trading hands this morning at $5.80.
- Previously: Shopping center/mall names shudder as CBL plunges (Nov. 3)
- Previously: CBL crumbles 20% after earnings miss, guidance cut, slash in dividend (Nov. 3)
- Now read: The Bottom May Be In For National Oilwell Varco (NYSE:NOV)