General Growth Properties "buy"

04/29/03 - Prudential Securities

NEW YORK, April 29, (New Ratings) - Analysts at Prudential Financial reiterate their "buy" rating on General Growth Properties (GGP). The target price is set to $59.

According to the analysts, the company has reported Q103 funds from operations (FFO) to the tune of $1.47 per share, which is ahead of estimates. The analysts say that this reflects an increase of 31.3% from last year. The company has increasesd its FFO guidance to $6.30-$6.40 per share, up from the previous $6.08 - $6.25 per share. Despite the slow economy, General Growth’s mall business is strong, says Prudential Financial.