Benchmark Capital Initiates Coverage on Kimco Realty (KIM) with a Hold
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Benchmark Capital initiates coverage on Kimco Realty (NYSE: KIM) with a Hold.
Benchmark analyst says, "Initiating at Hold on such a dynamic company as KIM goes against our grain, but the stock looks fully priced based on our NAV valuation methodology. However, given KIM's diversified set of well-conceived, US & international profit centers, nationally diversified portfolio, necessity-based tenant profile, excellent management and superior capital position, we regard the stock as a core REIT holding...Given the current climate and considerable headwinds in the retail arena, we think it is unlikely that the stock will break out materially to the upside in the near term. In our view, KIM trading at a 5% discount or less (vs. current 3% premium) to our $36 Forward NAV estimate would represent an attractive longer-term entry point in the current unsettled environment."
Kimco Realty Corporation (Kimco) is an owner and operator of neighborhood and community shopping centers.
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