Citigroup Cuts Mills to Sell

Analyst Jonathan Litt notes factors such as costs that the company might face

Citigroup downgraded the real estate investment trust Mills (MLS) to sell from hold.

Mills had in late February announced plans to explore a possible sale. On March 7, news hit about a lawsuit against Mills that alleges the company misled its investors.

Analyst Jonathan Litt cut his stock price target to $35. He noted factors such as the costs that the company might face down the line, among other things. He changed his estimate on the company's net asset value to $37 from above $40, after assuming possibilities ranging from costs related to a shareholder lawsuit to further writedowns.

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