Piper Sandler Reiterates Overweight Rating on Kite Realty Group (KRG)

Piper Sandler analyst Alexander Goldfarb reiterated an Overweight rating and $33.00 price target on Kite Realty Group (NYSE: KRG).

The analyst commented, "We came away from the third installment of KRG's Four in '24 investor series even more enthused by the continuing upside from the 2021 RPAI acquisition. The first event, Naples, in February (click here) focused on the balance sheet and portfolio transformation. The Dallas (Southlake, we didn't attend) and last week's Virginia events highlighted two RPAI assets comprising 10% of KRG's NOI despite only representing 3.5% of GLA. One Loudoun benefits from the post-pandemic transformation of the outer suburbs, in this case, the western edge of Loudoun County from open countryside to sprouting new communities that make dense retail work. KRG continues to reap the upside in the favorable retail environment, enhanced by the >7% cap RPAI acquisition, which also makes KRG a critical partner to national tenants in two of the biggest MSAs because of these two assets. This event shows more why KRG trades too cheap, in our view."

For an analyst ratings summary and ratings history on Kite Realty Group click here. For more ratings news on Kite Realty Group click here.

Shares of Kite Realty Group closed at $26.25 yesterday.

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