UPDATE: Stifel Nicolaus Raises PT to $24 on Equity One on Portfolio Performance Outlook
Stifel Nicolaus maintained Equity One (NYSE: EQY) with a Buy rating and raised the price target from $23.00 to $24.00.
Stifel Nicolaus noted, "We believe that the outlook for EQY's high-quality portfolio is bright. The upgraded portfolio should generate above average same-store NOI, as the below market leases in the recently acquired assets are brought up to market, and EQY executes on its planned dispositions. EQY could exceed its $300 million disposition target in 2013 as the credit markets improve and pricing improves, in our view. EQY is achieving better than expected asset pricing on its most recent sales. We maintain our Buy rating and increase our target price to $24 based on a slight premium to our $23 NAV at a 6% cap rate."
Equity One closed at $22.74 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.