UPDATE: Bank of America Initiates Coverage on Brixmor Property Group on Solid Growth Prospects

In a report published Monday, Bank of America analyst Craig Schmidt initiated coverage on Brixmor Property Group (NYSE: BRC) with a Buy rating and $22.50.In the report, Bank of America noted, “We initiate coverage on Brixmor Property Group (BRX) with a Buy rating and a $22.50 price objective. BRX is a shopping center REIT that owns, manages, and leases neighborhood and community center assets across the US. BRX was privately owned by Blackstone until its recently completed IPO in October. The portfolio was the combination of three US shopping centers REITs that were \acquired by an Australian company, Centro in the early 2000's. We view BRX as well positioned to drive above peer operating metrics over the next 12-18 months.”Brixmor Property Group closed on Friday at $20.19.