Jefferies upgraded Kite Realty Group to Buy from Hold with an unchanged price target of $23. The company is “underappreciated” given strength in the retail leasing cycle and for having the highest leasing upside potential, the analyst tells investors in a research note. The firm says that as the cheapest retail real estate investment trust, it won’t take much to move the stock higher. It believes potential occupancy gains are not reflected in Kite’s guidance or consensus estimates.
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