JMS Starts Acadia (AKR), Entertainment Properties (EPR) at Buy, Kimco (KIM) at Neutral
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- JMS Starts Acadia (AKR), Entertainment Properties (EPR) at Buy, Kimco (KIM) at Neutral
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Janney Montgomery Scott has initiated coverage on several stocks in the Real Estate Operations sector this evening:
- Acadia Realty Trust (NYSE: AKR) - Buy rated with an $18 price target. The firm is impressed that Acadia's infill portfolio has held up well in the current environment, and sees this segment "poised to outperform in a recovery." Further, JMS believes Acadia's management, leasing and other fees earned through its joint venture could boost performance even higher.
- Entertainment Properties Trust (NYSE: EPR) - Buy rated with a $39 price target. The firm notes that EPR's core movie theatre portfolio, which generates about 70% of the company's sales, has remained strong throughout the economic downturn. JMS sees EPR's focus on megaplex cinemas allowing this recent strength to continue. On the negative side, the firm notes that EPR's mortgage investments in the Toronto market have weighed on the stock.
- Kimco Realty (NYSE: KIM) - Neutral rated with an $11.50 price target. JMS likes that Kimco has improved its balance sheet and near-term maturities recently, helping the REIT recover from lows set during the height of the credit crisis. At the same time, the firm is concerned that "this stabilized state came at the cost of $718 million in dilutive equity issuances, setting a trend of hindering growth" that JMS believes will continue.
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