Piper Sandler downgraded Kite Realty (KRG) to Neutral from Overweight with a price target of $25, down from $33. The company’s earnings rebound will take longer than its shopping center peers, the analyst tells investors in a research note. Piper views the “outsized” retailer bankruptcy impact on Kite versus shopping center peers “more like an unlucky hand of cards, rather than a reflection of its portfolio quality, as its exposure was more than peers.” It cites backfill headwinds for the downgrade.
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