Goldman Sachs raises its rating on Kimco KIM to Neutral from Sell and raises its price target to $16 from $15, in line with NAV estimates.
Goldman Sachs says, "In our view, one of the principal overhangs to share performance was Kimco's investments in non-core assets. However, since 2008, KIM has reduced the book value of non-retail assets to $564 mn (as of 3Q 2011; would be $1,105 mn including debt) from $1.1 bn. Additionally, during 4Q, the company sold approximately $80 mn of non-strategic shopping centers and non-retail assets, proceeds from which were used to fund a portion of its recent core, shopping center acquisitions."
KIM closed at $17.09 per share on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in