UBS analyst Michael Goldsmith initiated coverage of Phillips Edison (PECO) with a Neutral rating and $37 price target The company’s visibility into “solid” mid-single digit funds from operations growth and the favorable retail real estate leasing backdrop is fairly reflected in its valuation at current share levels, the analyst tells investors in a research note. UBS says Phillips Edison’s portfolio of smaller, single-anchor neighborhood centers limits its exposure to tenants at risk of closing stores.
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