Site Centers price target lowered to $11 from $15 at Mizuho

Mizuho lowered the firm’s price target on Site Centers to $11 from $15 and keeps a Neutral rating on the shares. The analyst believes shopping centers “can be a net winner” into fiscal 2024, despite consumer concerns and an uncertain macro outlook. Leasing has remained strong and from a broad base of tenants, and the sector should benefit from a defensive tenancy, low supply / higher retention and less near-term tenant risk into 2024, the analyst tells investors in a research note.