Urban Edge initiated with a Neutral at UBS

UBS analyst Michael Goldsmith initiated coverage of Urban Edge (UE) with a Neutral rating and $21 price target The company’s “strong” net operating income growth, driven by leasing momentum, is being offset by potential headwinds from its elevated exposure to tenants at risk of closing stores, the analyst tells investors in a research note. The firm says Urban Edge has one of the largest signed not open pipelines. However, it finds the stock fairly valued at current levels.