UPDATE: JP Morgan Upgrades Equity One to Overweight on Valuation, Pipeline Catalysts

JP Morgan upgraded Equity One EQY from Neutral to Overweight and raises the price target from $23.50 to $24.00. JP Morgan noted, "Given the portfolio repositioning that has been occurring, we believe EQY should trade at one of the lower implied cap rates in the strip center sector (it currently trades at 6.2% – 80 bps above AKR and FRT). We believe that additional non-core asset sales announcements and growing its development/redevelopment pipeline will be catalysts for the stock." Equity One closed at $22.06 on Tuesday.