UPDATE: Citigroup Reiterates On Acadia Realty Trust On Model Update

In a report published Tuesday, Citigroup analyst Michael Bilerman reiterated a Neutral rating on Acadia Realty Trust AKR, and raised the price target from $27.00 to $28.00. In the report, Citigroup noted, “Following 1Q earnings, we are raising our 2014 and 2015 FFO estimates by $0.02 to $1.37 and $1.47 to reflect higher acquisitions. We are raising our price target by $1 to $28 given higher NOI and a 10bp reduction in our applied cap rate to reflect recent street retail acquisitions. Our $28 target is based on a 5% premium to NAV of $27, which assumes a 5.4% applied cap rate.” Acadia Realty Trust closed on Monday at $27.08.