Mitsubishi UFJ Securities (USA) Inc. analyst initiatedcoverage of Pennsylvania RealEstate Investment Trust with a rating of "overweight,"and a price target of $24.

The analyst wrote in a research report: "We believethat PEI's stock offers investors a solid value proposition, as the companytransitions from a mixed quality portfolio to a primarily Class A mall ownerwith what we view as superior growth and low-risk characteristics. As PEI acceleratesits sales and NOI growth and potentially demonstrates its attractive valuationwith a core asset trade at strong pricing, we believe that the stock willnarrow its substantial valuation gap with its Class A mall-REIT peers."