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

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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

Apr 2015BarclaysMaintainsOverweight
Mar 2015BairdInitiates Coverage onNeutral
Mar 2015CitigroupMaintainsNeutral

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