Raymond James double upgraded Kite Realty Group to Strong Buy from Market Perform with a $28 price target. The firm sees more upside in the “lower multiple” shopping center real estate investment trusts and those trading at discounts to net asset value. The analyst views the shopping center REITs as one of the more attractive sub-sectors in the general REIT space saying it’s one of the few sectors trading at both an NAV and multiple discount while earnings growth is accelerating. Raymond James sees lower interest rates as a potential catalyst for the shares.
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