Phillips Edison price target raised to $36 from $33 at Mizuho

Mizuho raised the firm’s price target on Phillips Edison to $36 from $33 and keeps an Outperform rating on the shares. The firm has been constructive on shopping center real estate investment trusts but says the stocks have outperformed in the second half of 2024, making absolute and relative valuations less compelling. In addition, the slowing macro and consumer-related risks are hard to ignore, the analyst tells investors in a research note. As such, it believes “incremental selectivity is required.”