0938 [Dow Jones] STOCK CALL: Credit Suisse upgrades Centro Retail (CER.AU) to Outperform from Neutral, keeps 58 cent target. "Our rationale is based on portfolio theory as much as valuation: we do not think a 'naked' exposure to a Centro recovery is prudent (we have a corresponding Underperform on Centro Properties (CNP.AU))," analyst says. "The Centro entities have massive refinancing needs as well as litigation risk. However, in an improving credit market, the odds of a resolution with some remaining equity value to CER unitholders is improving," analyst says. Also notes that U.S. REITs, a potential buyer of CER assets, hit an all-time high last week, with strip REITs up 10.6% in the year to date. CER last at 38.5 cents. (LMF)
CER Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
