Goldman Sachs Upgrades Brixmor Property (BRX) to Buy, 'reliable growth at discounted multiple'

Goldman Sachs analyst Caitlin Burrows upgraded Brixmor Property (NYSE: BRX) from Neutral to Buy with a price target of $27.00 (from $23.00).

The analyst comments "Following 2Q23 earnings results, we review key takeaways (such as occupancy, leasing spreads, and acquisitions) and upgrade Brixmor Property Group (BRX) to Buy from Neutral. We estimate core FFOPS growth of 3.2% in 2023, followed by growth in 2024 and 2025 of 4.5%, on average. Drivers of growth include 1) sector-leading leasing spreads, 2) significant signed but not occupied (SNO) pipeline, 3) occupancy upside opportunity, 4) predictable developments, and 5) limited interest expense headwinds due to minimal floating rate debt and no significant debt maturities until June 2024."

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

Shares of Brixmor Property closed at $22.21 yesterday.

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