UPDATE: Bank of America Upgrades Kimco Realty on Multiple Positive Factors

In a report published Friday, Bank of America analyst Craig Schmidt upgraded Kimco Realty (NYSE: KIM) from Neutral to Buy, and raised the price target from $25.50 to $26.00.

In the report, Bank of America noted, “We are upgrading Kimco Realty (KIM) from Neutral to Buy based on the following reasons: attractive valuation from both a price/AFFO multiple and NAV perspective, improving track record of operating metrics, and greater value creation opportunities at some of KIM's larger centers. We increase our PO on higher NOI estimates to $26.00 based on a 12-month forward NAV with a 6.9% cap rate and a 5% premium. We believe the premium is justified based on management strength.”

Kimco Realty closed on Thursday at $22.08.