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UPDATE: Hilliard Lyons Downgrades Kite Realty Group Trust to Lon-Term Buy on Share Run-Up

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Hilliard Lyons downgraded Kite Realty Group Trust (NYSE: KRG) from Buy to Long-term Buy and raised the price target from $6.50 to $7.50.

Hilliard Lyons noted, "Kite reported FFO per diluted share of $0.10, two cents below the year ago period. Ours and the consensus estimate was $0.11 per share. Excluding the effects of the October equity offering, FFO per share would have been $0.11. … We are changing our rating on Kite to Long-term Buy. The stock is up 12.5% since December 31. Due to this quick share price appreciation, we believe a Long-term Buy rating is more appropriate at this time."

Kite Realty Group Trust closed at $6.30 on Friday.

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