- "Brixmor (BRX) has delivered to investors a clean and simple way to play the U.S. grocery-anchored strips," says Deutsche's Vin Chao, starting the Blackstone (BX) spinoff with a Buy at $23 price target (Blackstone owns a 73% stake).
- "With portfolio and balance sheet repositioning addressed pre-IPO, BRX can focus its efforts on driving above-average earnings growth via occupancy gains, improving rents, and select redevelopment opportunities."
- Chao also likes the relative valuation, and expects a total return of 20% over the next year - a combination of 10% earnings growth driving the shares to $23, and a 4% dividend yield.
Brixmor started a Buy at Deutsche
Dec 13 2013, 08:33 ET