KeyBanc downgraded RPT Realty (RPT) to Sector Weight from Overweight without a price target after the company signed a definitive merger agreement with Kimco Realty (KIM). The implied value of RPT is $2B, which represents a 19% premium based on Friday’s closing price for Kimco shares, the analyst tells investors in a research note. The firm cites the acquisition announcement for the downgrade.
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