Retail Value (NYSE:RVI) rises 1.5% after Odeon Capital analyst Alex Arnold initiates coverage with a Buy rating, saying the stock has been "over-penalized by the COVID downdraft (7/30/20)
Sets $20 price target.
Sees significant upside "as ongoing disposition of remaining assets draws asset mispricing in clearer focus."
Expects future dispositions to cover the estimated $475M remaining mortgage and a $190M preferred to Site Centers.
Using a couple of different methods for valuing RVI's assets, Arnold believes fair value is in excess of $20 and "a real bull-case scenario may be in the $40s."
Arnold's Buy recommendation contrasts with Bearish Quant rating.
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