Argus Upgrades Kimco (KIM) to Buy

November 25, 2016 9:19 AM EST
Get Alerts KIM Hot Sheet
Price: $25.33 -0.08%

Rating Summary:
    7 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.

For an analyst ratings summary and ratings history on Kimco click here. For more ratings news on Kimco click here.

Shares of Kimco closed at $26.07 yesterday.

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