Site Centers price target lowered to $20 from $23 at Piper Sandler

Piper Sandler lowered the firm’s price target on Site Centers (SITC) to $20 from $23 and keeps an Overweight rating on the shares. The firm is also lowering its 2024 of FFO by 56c to $1.54, decreasing its 2025 by 2c to 81c, and raising its 2026 by 3c to 82c. Its revised outlook incorporates Q3 results, and assumes the preferred shares will be redeemed in Q4, leading to an $8M redemption charge. Management no longer provides FFO guidance, post-spin.