With an embarrassing price target of $34 just this past June, Stifel had to revise its posture. So, you bought at $25 on their buy recommendation, and NOW they're telling you to hold? Their public information is worthless and should be dismissed.
Well I wouldn't worry about what Stifel Nicolaus says. I don't think too many investors pay attention to these guys anyways. S&P has PEI as a hold and a $12 price target (or something like that)....and if we got back up to $12 in the next year I'll be happy.
Bottom line is that if PEI's malls do fairly well this CMAS and none of their major tenants go under (Macy's, Sears, JC Penny's, Boscovs, Bonton, Belk's, Coat store) then the dividend will be $2+ next year and things will be fine.
If two of those stores close down due to very bad holidays then there will be problems next year and the stock price will struggle.
So what the analyst is saying is fairly irrelevant. The proof is in the pudding!