Kimco Realty assumed with an Equal Weight at Wells Fargo

Wells Fargo assumed coverage of Kimco Realty (KIM) with an Equal Weight rating and $23 price target The firm views Strip REITs as positioned for relatively defensive and visible growth from a favorable supply outlook, pricing power with tenants with historically strong multi-year leasing pipelines, stable cash flows despite tariff concerns, and accretive capital recycling opportunities. The transaction market is robust with institutional capital under-allocated to the space, and Wells expects REITs to benefit from greater interest and higher pricing.