BofA analyst Jeffrey Spector downgraded Retail Opportunity (ROIC) to Neutral from Buy with a price target of $13, down from $15, following Q3 results from the retail REIT group. While positive on Retail Opportunity’s lower strip competition and affluence surrounding its centers, the firm sees risks from debt maturities and the company’s higher exposure to Rite Aid (RAD) than peers. Given the potential for more store rejections, the firm’s model assumes “additional fallout from Rite Aid,” the firm tells investors.
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Read More on ROIC:
- Retail Opportunity narrows FY23 FFO view to $1.05-$1.07 from $1.05-$1.11
- Retail Opportunity reports Q3 FFO 27c, consensus 27c
- Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results
- ROIC Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Retail Opportunity downgraded to Equal Weight from Overweight at Wells Fargo
