Mizuho upgraded Kimco Realty (KIM) to Buy from Neutral with a price target of $20, down from $21. The analyst is “increasingly constructive” on the shopping center real estate investment trusts on what the firm sees as an incrementally more favorable “risk-adjusted GARP” for the subsector into fiscal 2024. Leasing demand remains robust and stems from a variety of retailers, while prospective tenant / bankruptcy risk appears lower than at the beginning of the year, the analyst tells investors in a research note. For Kimco, Mizuho sees more relative growth via the recently acquired RPT Realty (RPT) portfolio and “opportunistic” Albertsons capital.
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