Kite Realty Group initiated with a Neutral at JPMorgan

JPMorgan analyst Michael Mueller initiated coverage of Kite Realty Group with a Neutral rating and $23 price target. The analyst sees the company’s near-term "external growth engine as being relatively modest" given the state of the transactions market as well as it having a smaller development/ redevelopment program. The stock’s discounted valuation is being driven by a "few big picture factors which arguably translates into a re-valuation opportunity over time," the analyst tells investors in a research note.