Wells Fargo analyst Dori Kesten upgraded Kimco Realty (KIM) to Equal Weight from Underweight with a $20 price target. The analyst believes Kimco’s year-to-date share price underperformance will subside given accelerating funds from operations growth in 2024 over 2023, aided by its accretive acquisition of RPT Realty (RPT), along with likely increasing consensus estimates upon full inclusion of merger upside. Wells also sees occupancy gains through 2024 in line with peers.
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