Stifel lowered the firm’s price target on Kimco Realty (KIM) to $22 from $23.25 and keeps a Buy rating on the shares after Kimco priced $500M of 6.40% notes due 2034. The bond deal addresses near-term maturities as the proceeds can be used to redeem all of its $251M 4.45% notes due early in 2024 and/or be used to repay some of the RPT Realty (RPT) debt at closing, the analyst tells investors.
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Read More on KIM:
- Kimco Realty management to meet with Piper Sandler
- Kimco Realty upgraded to Equal Weight from Underweight at Wells Fargo
- Kimco Realty upgraded to Buy from Neutral at Mizuho
- Oracle upgraded, Farfetch downgraded: Wall Street’s top analyst calls
- Kimco Realty upgraded at Compass Point yesterday after RPT deal
