American Assets Trust price target lowered to $20 from $21 at Mizuho

Mizuho analyst Haendel St. Juste lowered the firm’s price target on American Assets Trust to $20 from $21 and keeps a Neutral rating on the shares. The analyst believes shopping centers “can be a net winner” into fiscal 2024, despite consumer concerns and an uncertain macro outlook. Leasing has remained strong and from a broad base of tenants, and the sector should benefit from a defensive tenancy, low supply / higher retention and less near-term tenant risk into 2024, the analyst tells investors in a research note.