American Assets Trust price target lowered to $21 from $22 at Mizuho

Mizuho lowered the firm’s price target on American Assets Trust to $21 from $22 and keeps a Neutral rating on the shares. The analyst is “increasingly constructive” on the shopping center real estate investment trusts on what the firm sees as an incrementally more favorable “risk-adjusted GARP” for the subsector into fiscal 2024. Leasing demand remains robust and stems from a variety of retailers, while prospective tenant / bankruptcy risk appears lower than at the beginning of the year, the analyst tells investors in a research note. Mizuho believes shopping center REITs with favorable liquidity, lower tenant credit risk and internally driven growth sources are best positioned.