Kimco Realty downgraded to Neutral from Buy at Mizuho

Mizuho analyst Haendel St. Juste downgraded Kimco Realty to Neutral from Buy with a price target of $21, down from $22. Looking into 2023, the analyst expects the macro environment to remain "tricky" for real estate investment trusts overall, and believes "incremental selectivity is required." While he remains constructive on strip centers given their "defensive tenancy," St. Juste says the importance of a brick/mortar footprint for an omni-channel strategy and work from home tailwinds drive a downgrade of the strip center REITs to Equal-Weight from Over-Weight.