UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Ramco-Gershenson Properties Trust on Model Update
In a report published Friday, J.P. Morgan reiterated its Neutral rating on Ramco-Gershenson Properties Trust (NYSE: RPT), and raised its price target from $14.50 to $16.00.
J.P. Morgan noted, “We recently upgraded RPT to Neutral from Underweight. The stock trades at one of the highest implied cap rates in the REIT space and offers an attractive dividend yield, in our view. We think the company has done a good job on the deleveraging front, and we look for future earnings growth to be more consistently positive going forward than it has been in recent years. Additionally, we think further recycling of capital out of its two large markets could be seen by the market positively.”
Ramco-Gershenson Properties Trust closed on Thursday at $15.68.
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