Brixmor started a Buy at Deutsche


"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.

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