Argus Upgrades Kimco (KIM) to Buy
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Argus upgraded Kimco (NYSE: KIM) from Hold to Buy with a price target of $30.00.
The firm has a favorable view of Kimco’s transformation into a pure-play U.S. retail REIT as it exits Canada and all joint ventures. They expect the company’s focus on redeveloping high-quality shopping centers to support growth in the dividend and in same-property net operating income. They also look for 7% FFO growth in 2017 after three years of 4%-5% growth.
They see near-term upside for KIM given its recent 19% pullback and the fact that the company has completed most of its planned asset dispositions.
Shares of Kimco closed at $26.07 yesterday.
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