CBL & Associates Downgraded On Weak Retail

NEW YORK (AP) — Shares of CBL & Associates Properties Inc. slid Friday after an analyst downgraded the mall developer citing weakness in the retail industry and the stock's recent run-up.

Stifel Nicolaus analyst David Fick lowered his rating to "Hold" from "Buy" and said in a note to investors that while a recent equity offer and credit line extension removed near-term refinancing risk, it will be difficult for the company to shore up its liquidity as cash-strapped consumers have curtailed spending and occupancy in its properties is harder to maintain.

The analyst also said the downgrade was in response to the stock's recent upswing. The shares have more than doubled in value since mid-July, and have surpassed Fick's $9 price target.

Shares of Chattanooga, Tenn.-based CBL lost 22 cents, or 2.4 percent, to $9.10 in morning trading Friday, having earlier lost as much as 5.3 percent. The stock has ranged from $1.92 to $21.29 over the past year.