Evercore ISI lowered the firm’s price target on Kimco Realty to $20 from $21 and keeps an In Line rating on the shares. The firm raised capex assumptions for Kimco given a higher capex load for the recently acquired RPT boxes and also updated the model to reflect $25M of merger related charges that are going to hit in Q1. After the changes, its Q1 FFO estimate falls by 2c to 37c, while its FY24 estimate of $1.58 remains unchanged, the analyst noted.
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Read More on KIM:
- Kimco Realty price target lowered to $21 from $22 at Wells Fargo
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- Kimco Realty Expands Stock Buyback, Adds Preferred Shares
- Kimco Realty sees 2024 FFO $1.54-$1.58, consensus $1.62
