Wolfe Research upgraded Phillips Edison (PECO) to Outperform from Peer Perform with a $44 price target The firm sees continued health in retail given supply-demand imbalances, particularly in the grocery anchored space, and noted that earnings-organic growth is being supported by real estate fundamentals. The valuation-multiple growth for the stock is also attractive relative to the firm’s retail and overall ex-CRE services/lodging coverage averages, the analyst tells investors in a research note.
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