Acadia Realty Trust upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Michael Mueller upgraded Acadia Realty Trust to Neutral from Underweight with an unchanged price target of $18. The firm still expects external growth to be a focal point for the company, but thinks the more important near-term driver for the stock will be organic growth. To this point, the rents contribution from Acadia’s higher-dollar street retail portfolio have a significant impact on its net operating income growth trajectory, the analyst tells investors in a research note. JPMorgan thinks that occupancy in this portfolio is “finally inflecting” and should see meaningful gains through year-end and over the course of the next couple of years.