UPDATE: JP Morgan Upgrades Equity One to Overweight on Valuation, Pipeline Catalysts
JP Morgan upgraded Equity One (NYSE: 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.