JP Morgan downgraded Kimco Realty Corporation (NYSE: KIM) from Overweight to Neutral and maintained a $21.00 price target.
JP Morgan commented, “Our upgrade thesis on the stock last year was largely based on KIM making significant progress in repositioning the portfolio via non-core and non-retail dispositions. This continues to play out and while we like the fundamental prospects for the stock from here, we see near-term catalysts elsewhere in the REIT group. … On an AFFO basis, KIM trades at 19.2x our 2013 estimate, a 15% discount to the strip center group average. On an unleveraged basis, KIM trades at 16.4x, which is a 2% discount to its peer group’s weighted average multiple of 16.8x.”
Kimco Realty Corporation closed at $19.84 on Tuesday.
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Tags: JP Morgan
Posted in: Analyst Color, Downgrades, Pre-Market Outlook, Analyst Ratings