KeyBanc raised the firm’s price target on Brixmor (BRX) to $32 from $28 and keeps an Overweight rating on the shares. The firm says retail REITs continue to gain momentum given the ongoing recovery in retail property fundamentals. In addition, following many years highlighted by relatively lackluster external growth, the sector’s improving cost of capital appears to be supporting an increase in transaction activity as more REITs and private equity investors are jockeying to capitalize on accretive investment opportunities. Moreover, KeyBanc thinks sentiment and investor exposure toward the group has room to improve.
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