Kite Realty upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Kite Realty (KRG) to Overweight from Equal Weight with a price target of $25, up from $23, following transfer in analyst coverage. The firm expects FFO and AFFO acceleration from the second half of 2026 through FY27 as it backfills year-to-date recaptured space at strong spreads to higher quality tenants, and recycles assets and improves both the growth and quality profile of its existing portfolio. Wells expects any acquisitions of material scale for Kite Realty to come through its JV with GIC. Kite Realty also screens well on valuation in an asset class where the firm expects re-ratings based on private market transaction pricing.