UPDATE: Citigroup Reiterates, But Lowers PT on CBL & Associates Properties on Model Update Following 3Q Earnings

In a report published Monday, Citigroup analyst Michael Bilerman reiterated a Neutral rating on CBL & Associates Properties (NYSE: CBL ), but lowered the price target from $23.50 to $21.50. In the report, Citigroup noted, “Following 3Q earnings, our 2013 FFO estimate decreases from $2.23 to $2.20, our 2014 estimate