CBL & Associates Shares Jump On Analyst Report

CHATTANOOGA, Tenn. (AP) — Shares of CBL & Associates Property Inc. jumped as much as 20 percent Friday after a Goldman Sachs analyst upgraded the shopping mall developer's rating saying its bankruptcy risk is gone because of improved liquidity.

Analyst Jonathan Habermann upgraded CBL & Associates to "Conviction Buy" from "Neutral," saying the stock is undervalued. Habermann raised his price target on the shares to $10 from $4, which suggests a 47 percent increase from Thursday's closing stock price of $6.81.

The real estate investment trust has options to raise capital through an equity raise and asset sales, and debt maturities in 2009 and 2010 are manageable, Habermann wrote. ...