After Kimco Realty (KIM) announced an all-stock merger to acquire RPT Realty (RPT), BofA analyst Jeffrey Spector said the firm has an “overall positive view on deal,” which is immediately accretive to core FFO per share and adds scale as well as upside from leasing and redevelopment. The low 8% implied cash cap rate is “attractive” and the deal is leverage-neutral, added the analyst, who reiterates a Buy rating and $24 price target on Kimco shares.
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Read More on KIM:
- RPT Realty downgraded to Sector Weight from Overweight at KeyBanc
- Kimco Realty upgraded to Buy from Neutral at Compass Point
- BMO sees Kimco merger with RPT as ‘attractive,’ immediately accretive to FFO
- RPT Realty (NYSE: RPT) Surging on Acquisition News
- Kimco Realty to acquire RPT Realty in all-stock transaction valued at $2B
