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Deutsche Bank becomes Kimco believer on 'refined' portfolio

Jul. 06, 2020 12:00 PM ETKimco Realty Corporation (KIM) StockKIMBy: Liz Kiesche, SA News Editor1 Comment
  • Calling Kimco Realty (KIM +0.2%) "the most interesting local retail REIT at this time," Deutsche Bank upgrades the REIT to Buy from Hold, citing its "vastly refined" portfolio and its stake in Albertsons Companies.
  • The REIT's high concentration of grocery-anchored centers, representing 77% of its annual base rent, puts it in a good position to weather the pandemic, write Deutsche Bank analysts led by Derek Johnston.
  • "We believe Kimco’s operating metrics were on firm ground heading into the pandemic and should prove resilient as we move through 2020 and into next year," they said.
  • Also points out that KIM's monetization of part of its stake in Albertsons helps improve the REIT's leverage.
  • Raises price target to $16 from $12.
  • Deutsche's Buy rating contrasts with the Quant rating of Neutral.
  • KIM's five-year price and volume performance:

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