UPDATE: Goldman Sachs Upgrades Kimco to Neutral, Ups PT to $16
Goldman Sachs raises its rating on Kimco (NYSE: 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.
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