In a report released today, Juan C. Sanabria from BMO Capital maintained a Buy rating on Brixmor Property, with a price target of $32.00.
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Juan C. Sanabria has given his Buy rating due to a combination of factors including Brixmor Property’s strong financial performance and leasing activity. The company’s third-quarter earnings were consistent with expectations, showing a solid net operating income growth of 4% year-over-year. Additionally, Brixmor achieved impressive leasing results, with 1.5 million square feet leased and a record small shop leased rate of 91.4%.
Furthermore, the company’s guidance was modestly increased, indicating confidence in future performance, with expectations for a significant acceleration in the fourth quarter. Despite the temporary absence of CEO Jim Taylor, Brixmor’s management team is perceived as well-equipped to maintain the company’s growth trajectory. Sanabria highlights Brixmor’s above-peer organic growth profile, with a same-store net operating income growth target of 4%, as a key reason for the Buy rating.
In another report released today, Evercore ISI also maintained a Buy rating on the stock with a $32.00 price target.