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In a report published Thursday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Equal-Weight rating on
Kimco RealtyKIM, but removed the $22.00 price target.
In the report, Morgan Stanley noted, “2013 will go down as a year of transformation for Kimco given the significant progress in its strategic ‘re-focus' toward its core U.S. portfolio via the disposition of Latam and JV assets. Operating metrics remained solid and should continue to improve as KIM reinvests capital into higher quality assets. Near-term dilution from asset sales will continue to weigh on earnings, but this is a long-term strategy we fully support. We expect the stock to trade in-line relative to peers tomorrow.”
Kimco Realty Corp. closed on Wednesday at $20.74.
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