Evercore ISI analyst Steve Sakwa raised the price target on SITE Centers Corp. (NYSE: SITC) to $16.00 (from $15.00) while maintaining a In Line rating.

The analyst comments "With the large transaction volume during the second quarter, management updated their outlook on Curbline’s future balance sheet and is now estimating that Curbline will have $600mn in cash without any debt and does not expect Curb to have a preferred investment in SITC as previously contemplated. In terms of total leasing activity, SITE signed 83 leases (vs. 94 in Q1) or 708ksf (vs. 594ksf in Q1) with a weighted avg lease term of 6.0 years vs. 5.4 years in Q1. While the leasing trends are difficult to compare due to the high portfolio turnover, total cash leasing spreads on a comparable pool basis were up a healthy 12.8% vs 8.4% in Q1 and 3.7% in Q4. The company also started providing a leasing summary for Curbline in which blended spreads were up 22% on a cash basis in Q2 which was much higher than the 13% generated over the last 4 quarters. We apply a blended 7.5% cap rate to arrive at our NAV which we calculate using a sum of parts valuation (see Figure 1). We arrive at a forward NAV that is close to $16 which is also our new PT and is up from the prior $15 figure."