Wells Fargo Downgrades Retail Opportunity Investments (ROIC) to Equal Weight

Wells Fargo analyst Dori Kesten downgraded Retail Opportunity Investments (NASDAQ: ROIC) from Overweight to Equal Weight with a price target of $15.00 (from $14.00).

The analyst comments "Downgrading ROIC to EW from OW with $15 PT. ROIC had the lowest estimated occupancy upside per our analysis but a relatively high demand share within its markets. We expect share price performance in line with peers due to 1) moderating AFFO/sh growth in 2024 over 2023, 2) overhang from a potential Rite-Aid bankruptcy (1.7% of ABR vs. 0.1% peer avg), & 3) a shift from having among the lowest exposure to potential tenant bankruptcy in 2023 to the highest in 2024, as peers' exposures moderate."

For an analyst ratings summary and ratings history on Retail Opportunity Investments click here. For more ratings news on Retail Opportunity Investments click here.

Shares of Retail Opportunity Investments closed at $13.58 yesterday.

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