Brixmor Property (BRX) PT Raised to $27 at Citi

Citi analyst Michael Bilerman raised the price target on Brixmor Property (NYSE: BRX) to $27.00 (from $22.00) while maintaining a Neutral rating.

The analyst comments "We are updating our BRX model to reflect 2Q results and recent transaction activity. As a result, 2024E FFO increases from $2.11 to $2.13, in part reflecting the 2c beat to our 2Q24 estimate. Additionally, we are raising our target price from $22 to $27 to reflect the increase in our NAV to $27.49 driven by a 25bps decrease in our applied cap rate and higher NOI."

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