Stifel lowered the firm’s price target on Kimco Realty (KIM) to $22 from $23.25 and keeps a Buy rating on the shares after Kimco priced $500M of 6.40% notes due 2034. The bond deal addresses near-term maturities as the proceeds can be used to redeem all of its $251M 4.45% notes due early in 2024 and/or be used to repay some of the RPT Realty (RPT) debt at closing, the analyst tells investors.
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