Boenning & Scattergood Upgrades Weingarten (WRI) to Neutral
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Boenning & Scattergood upgraded Weingarten (NYSE: WRI) from Underperform to Neutral.
Analyst Floris van Dijkum said, "WRI now trades in-line with our estimated NAV, more accurately reflecting the company’s sound fundamental position. In addition, while WRI was trading at a premium to NAV, the company heeded the market signals to raise equity at a premium and fund the acquisition of ‘A’ rated The Palms at Town & Country (utilizing its ATM for $103 million in 2Q). WRI has continued to maintain a prudent capital structure with debt to EBITDA marginally below six times. WRI is one of the few strip REITs not undergoing a significant dilutive disposition program."
Shares of Weingarten closed at $37.58 yesterday.
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