Deutsche Bank Upgrades Brixmor Property (BRX) to Buy
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Deutsche Bank upgraded Brixmor Property (NYSE: BRX) from Hold to Buy with a price target of $30.00 (from $27.00). The change follows meetings with management.
Analyst Vin Chao said, "We recently met with new CEO, Jim Taylor and new CFO, Angela Aman and came away with a better appreciation for the positive changes underway at BRX. What’s changed is a renewed focus on extracting value from the existing portfolio via redevelopment and an organizational decentralization with increased empowerment and accountability at the asset level with senior management providing the resources to enable the team to succeed. In light of these positive strategic shifts, the accounting issues and the Blackstone ownership overhang now behind them, and a still heavily discounted valuation, we are upgrading BRX to Buy from Hold with a new $30 target price."
"Our upgrade of BRX is based on several key points including: 1) the elimination of the Blackstone ownership overhang following last weeks’ $1.17B secondary offering 2) the hiring of Jim Taylor as President and CEO and Angela Aman as CFO & Treasurer 3) an increased focus on redevelopment 4) the successful resolution of the company’s accounting issues including demonstrated access to debt capital markets at attractive credit spreads following 2 unsecured offerings this year and the recasting of its $2.75B credit facility. 5) a wider than average FFO multiple discount versus peers despite in-line organic and FFO growth prospects and improved balance sheet flexibility," added the analyst.
Shares of Brixmor Property closed at $27.55 yesterday.
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