CBL & Associates Shares Jump On Analyst Report

The analyst said the downgrade was to swap Simon with CBL on its "Conviction List" because CBL has "greater upside."

Real estate investment trusts, including mall and shopping center operators, have struggled with high debt and drops in occupancy amid the recession and credit market woes. Mall operator General Growth Properties filed for Chapter 11 bankruptcy protection last week after it was unable to refinance maturing debt.

But the upgrade does fit in with some recent positives surrounding the ability of REITs to improve their capital and liquidity positions. The analyst noted that REITs have raised close to $11 billion of capital from debt and equity sources in the past few weeks, "far surpassing our expectations."

Shares of CBL gained $1.04, or 15.4 percent, to $7.86 in afternoon trading, having jumped as much as 20 percent to $8.17 earlier in the session.

Simon added $1.05, or 2.1 percent, to $49.46.