Markets & Finance

Citigroup Cuts Mills to Sell

Citigroup downgraded the real estate investment trust Mills (MLS) to sell from hold.

Mills had in late February announced plans to explore a possible sale. On March 7, news hit about a lawsuit against Mills that alleges the company misled its investors.

Analyst Jonathan Litt cut his stock price target to $35. He noted factors such as the costs that the company might face down the line, among other things. He changed his estimate on the company's net asset value to $37 from above $40, after assuming possibilities ranging from costs related to a shareholder lawsuit to further writedowns.

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