BofA reinstated coverage of Retail Opportunity (ROIC) with an Underperform rating and $14 price target from Not Rated. The firm previously moved to No Rating based on Reuters reporting in July that Blackstone (BX) was in early stages to buy the company. With no updates since the report and the shares lagging strip peers over the past 30 days, BofA now believes Retail Opportunity is trading on fundamentals. The company’s 2025 funds from operations outlook is the lowest among its strip peers and it facing “outsized” refinancing headwinds, the analyst tells investors in a research note. BofA thinks Retail Opportunity is not as well positioned for external growth as its peers.
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Read More on ROIC:
- Retail Opportunity downgraded to Underperform from Neutral at BofA
- Retail Opportunity reports Q3 FFO 25c, consensus 26c
- Retail Opportunity sees FY24 FFO $1.03 – $1.05
- Retail Opportunity Investments (ROIC) Q3 Earnings Cheat Sheet
- Retail Opportunity price target raised to $16 from $13.50 at Wells Fargo