Kimco Realty removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Steve Sakwa is removing the firm’s tactical outperform call on Kimco Realty and taking the stock off the firm’s “Tactical Outperform” list after the stock’s run-up of 5% last week and its outperformance versus the REIT index by 830 basis points in the last 30 days. While Evercore acknowledges the stock “looks cheap on a P/AFFO basis,” the firm reiterates an In-Line rating on the stock with a 12-month price target of $22. While the firm expects Kimco to raise FY23 guidance when its reports Q2 results, it also expects other shopping center peers to also raise guidance and doesn’t see any specific catalyst in the near-term that will close the stock’s relative valuation gap.