Brixmor upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Juan Sanabria upgraded Brixmor (BRX) to Outperform from Market Perform with a price target of $33, up from $30. The firm says that although there’s still uncertainty on the consumer, it is encouraged by Brixmor’s continued solid retail sales and leasing, driving improved earnings visibility and strength. The company has meaningfully improved its portfolio over the past several years, with attractive, low basis rents, amble redevelopment opportunities and a strong balance sheet with increased accretive acquisitions opportunities now in play, the analyst tells investors in research note. BMO now expects continued multiple expansion verses peers with tenant credit conditions “benign.”