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.