Market Overview

UPDATE: ISI Group Reiterates Hold Rating, Raises PT on Kimco Realty

Related KIM
Credit Suisse Initiates Coverage On 34 REITs, Names Top Picks
Will Kimco Realty Corp Investors Continue to Profit From Portfolio Upgrades?

In a report published Wednesday, ISI Group reiterated its Hold rating on Kimco Realty Corporation (NYSE: KIM), and raised its price target to $20.00.

ISI Group noted, “Kimco's upside surprise was driven in large part by$0.03 of transactional income that we had not included. Operationally, NOI was in-line with our estimates. The company continues to make strides leasing the portfolio as occupancy (pro rata) rose 60bp Y/Y to 93.3%. SS NOI (cash basis) grew 2.6% in 2Q (down from 2.9% in Q1) on the combined shopping center portfolio but the figure drops to 1.7% including FX changes in the quarter. NOI growth was driven in part by blended cash leasing spreads of 4.5% which was down from the 10% posted in Q1 as KIM benefited last quarter from a major uplift on a Target lease in Staten Island. KIM raised the bottom end of its guidance range by $0.02 which now stands at $1.24 to $1.26 (for “FFO as adjusted”) while SS NOI growth remained unchanged at 1.5% to 3.5% (1H12 SS NOI figure was 2.1%).”

Kimco Realty Corporation closed on Tuesday at $19.49.

Latest Ratings for KIM

Dec 2014Deutsche BankMaintainsHold
Dec 2014CitigroupMaintainsNeutral
Nov 2014Credit SuisseInitiates Coverage onOutperform

View More Analyst Ratings for KIM
View the Latest Analyst Ratings

Posted-In: ISI GroupAnalyst Color Price Target Analyst Ratings


Related Articles (KIM)

Around the Web, We're Loving...

Get Benzinga's Newsletters