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KIM

Kimco Realty

$14.80

-0.2 (-1.33%)

, SHLD

Sears

$0.40

0.05 (14.28%)

07:32
10/15/18
10/15
07:32
10/15/18
07:32

Kimco anticipates 'significant value' creation opportunities from Sears filing

Kimco Realty (KIM) announced that it expects to benefit from considerable mark-to-market and long-term redevelopment opportunities in the wake of the recently announced Sears Holdings (SHLD) bankruptcy filing. Overall, Kimco's exposure is limited to 14 leases, representing just 0.6% of annualized base rent and 1.9% of the company's total gross leasable area. "Today's announcement may afford us the long-awaited opportunity to recapture boxes with significant mark-to-market potential in our core markets, and sparks several new redevelopment opportunities within our portfolio," said Conor Flynn, Kimco's CEO. "Given the highly favorable demographics of these locations, along with the continued demand for well-located, high-quality real estate, we expect to build on our past success in creating value by re-tenanting and redeveloping these below-market anchor spaces and activating underutilized parking fields." Sears/Kmart pays among the lowest rents of any tenant in Kimco's portfolio. The 14 Sears/Kmart leases have an average base rent of $5.25 per square foot, which is significantly below the company's portfolio average of $15.95. Demographics across the 14 locations are desirable, with a population of 129,000 within a three-mile radius with an average household income of $88,000.

KIM

Kimco Realty

$14.80

-0.2 (-1.33%)

SHLD

Sears

$0.40

0.05 (14.28%)

  • 25

    Oct

  • 07

    Nov

KIM Kimco Realty
$14.80

-0.2 (-1.33%)

06/15/18
JPMS
06/15/18
UPGRADE
Target $18.5
JPMS
Overweight
Kimco Realty upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Anthony Paolone upgraded Kimco Realty to Overweight and raised his price target for the shares to $18.50 from $17. Disposition activity and dilution should "moderate significantly" in 2019, while the company should see more benefits coming from its development/redevelopment pipeline, Paolone tells investors in a research note.
03/27/18
03/27/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Newell Brands (NWL) downgraded to Hold from Buy at SunTrust with analyst William Chappell saying the stock is in "no-man's land" for a few quarters after its decision to increase its asset sale to $10B from $6B without disclosing which assets are sold following its recent agreement with activist shareholder Starboard Value. 2. Macerich (MAC) and Simon Property (SPG) were downgraded to Neutral from Overweight at JPMorgan. 3. Kimco Realty (KIM) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Richard Hill saying he is cautious on REITs in general, but higher quality strips are better positioned to mitigate decelerating growth risks. 4. Range Resources (RRC) downgraded to Market Perform from Outperform at Bernstein with analyst Bob Brackett saying he believes gas levered names, particularly those with significant debt loads, are likely to struggle as gas prices compress cash margins. 5. Dominion Midstream (DM) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/18
MSCO
03/27/18
DOWNGRADE
Target $13
MSCO
Underweight
Kimco Realty downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Richard Hill downgraded Kimco Realty to Equal Weight from Overweight. He is cautious on REITs in general, but higher quality strips are better positioned to mitigate decelerating growth risks, Hill tells investors. Kimco has the lowest implied terminal growth in his strip coverage and also the lowest historical 5-year free cash flow CAGR and he believes that the market is not being conservative enough relative to peers with higher quality portfolios, the analyst said. However, he recognizes that the potential involvement of an activist is a risk to his Underweight call. Hill has a $13 price target on Kimco shares.
03/05/18
EVER
03/05/18
DOWNGRADE
EVER
Underperform
Kimco Realty downgraded to Underperform from In Line at Evercore ISI
SHLD Sears
$0.40

0.05 (14.28%)

10/12/18
MKMP
10/12/18
NO CHANGE
Target $31
MKMP
Neutral
L Brands visibility remains low despite better Sept comps, says MKM Partners
MKM Partners analyst Roxanne Meyer kept her Neutral rating and $31 price target on L Brands (LB), saying that while the company reported better than expected same store sales in September and its Victoria's Secret brand comps turned positive, its visibility remains low. The analyst lists potential catalysts for L Brands being a "strong performance of pajamas in Q4 and the reintroduction of swimwear" at VS, but also points to her "newest concern" being the likelihood of a Sears (SHLD) liquidation, which would then reduce traffic at malls where the company also has retail presence.
10/12/18
MSCO
10/12/18
NO CHANGE
Target $1.5
MSCO
Equal Weight
Morgan Stanley sees near-term pressure, long-term gain for Penney if Sears folds
Amid recent headlines regarding Sears (SHLD) adding a restructuring expert and reportedly pursuing a bankruptcy filing, Morgan Stanley analyst Kimberly Greenberger noted that she believes J.C. Penney (JCP) had the highest store overlap with Sears, K-Mart, and Sears Specialty Stores within both a quarter mile and half mile radius. If Sears closes additional stores or engages in liquidation sales, retailers in the close trade areas could experience some short-term pressure, said Greenberger, who added that Sears has already been closing stores for years. In the medium to long-term, she expects J.C. Penney and other retailers in the respective trade areas to potentially benefit from these closures. Greenberger, who views Penney's near-term debt maturities as "manageable," keeps an Equal Weight rating and $1.50 price target on the shares.
09/24/18
WELS
09/24/18
NO CHANGE
WELS
Outperform
Newell weakness on potential Sears bankruptcy fears overdone, says Wells Fargo
Wells Fargo analyst Bonnie Herzog believes today's weakness in shares of Newell Brands (NWL) is likely due to concerns about a potential bankruptcy of Sears (SHLD) as well as ongoing China tariff negotiations. However, she views the move as a "complete overreaction," arguing that Newell's exposure to Sears is fairly limited. Herzog, who sees today's weakness as overblown and would be a buyer amid the weakness, reiterates her Outperform rating on Newell shares, which are down 7% to $20.28 in late morning trading.
05/09/18
JEFF
05/09/18
NO CHANGE
Target $60
JEFF
Hold
Sears-Amazon tire partnership not a negative for Monro, says Jefferies
Jefferies analyst Bret Jordan kept his Hold rating and $60 price target on Monro (MNRO) after its stock price fell over 7.5% today to $52.70, saying Sears (SHLD) partnership with Amazon (AMZN) on tire installation and services is a not "transformational negative". Jordan notes that the greater transparency and price matching is not new, while Monro is "already an installer for other online sellers such as Tirerack and ATD's tirebuyer.com". The analyst adds that the agreement is not exclusive, leaving the "door open" for Monro to enter into a similar deal.

TODAY'S FREE FLY STORIES

KLDO

Kaleido Biosciences

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0.51 (10.33%)

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AMCR

Amcor

$9.68

0.09 (0.94%)

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AB

AllianceBernstein

$28.47

0.4 (1.43%)

, AVLR

Avalara

$66.83

0.435 (0.66%)

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AB

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AVLR

Avalara

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AXP

American Express

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2.28 (1.95%)

BCS

Barclays

$8.52

0.04 (0.47%)

BBT

BB&T

$53.45

0.77 (1.46%)

BBD

Banco Bradesco

$8.15

-0.015 (-0.18%)

BK

BNY Mellon

$45.67

0.33 (0.73%)

BL

BlackLine

$47.58

1.19 (2.57%)

BLK

BlackRock

$453.79

8.53 (1.92%)

BMO

Bank of Montreal

$74.46

0.68 (0.92%)

C

Citi

$71.84

2.08 (2.98%)

COF

Capital One

$91.36

1.545 (1.72%)

DB

Deutsche Bank

$8.09

0.155 (1.95%)

FII

Federated Investors

$32.04

0.66 (2.10%)

FITB

Fifth Third

$28.04

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GS

Goldman Sachs

$209.30

2.69 (1.30%)

HSBC

HSBC

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0.42 (1.08%)

INTL

INTL FCStone

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JPM

JPMorgan

$123.56

2.96 (2.45%)

MS

Morgan Stanley

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1.3 (2.97%)

MSFT

Microsoft

$138.43

1.09 (0.79%)

MTB

M&T Bank

$154.07

1.98 (1.30%)

MUFG

Mitsubishi UFJ

$5.14

0.105 (2.09%)

USB

U.S. Bancorp

$56.19

1.125 (2.04%)

V

Visa

$176.52

0.69 (0.39%)

WFC

Wells Fargo

$50.45

0.47 (0.94%)

WK

Workiva

$40.51

0.41 (1.02%)

SAP

SAP

$132.69

3.56 (2.76%)

STT

State Street

$65.42

2.02 (3.19%)

STI

SunTrust

$68.78

0.91 (1.34%)

TD

Toronto-Dominion

$56.80

0.34 (0.60%)

PRU

Prudential

$90.85

1.11 (1.24%)

UBS

UBS

$11.53

0.18 (1.59%)

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  • 15

    Jan

AIR

AAR Corp.

$40.18

0.37 (0.93%)

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AZRX

AzurRx BioPharma

$0.81

0.04 (5.19%)

08:06
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Hot Stocks
AzurRx BioPharma CEO says 'on track' to meet with FDA in December »

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MCD

McDonald's

$209.85

1.365 (0.65%)

08:05
10/22/19
10/22
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Hot Stocks
McDonald's CEO says 'our third quarter performance was strong' »

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  • 22

    Oct

NVIV

InVivo Therapeutics

$0.49

0.03 (6.52%)

08:04
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Hot Stocks
InVivo Therapeutics announces INSPIRE 2.0 study at 25% enrollment »

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NUE

Nucor

$51.78

0.09 (0.17%)

08:04
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Hot Stocks
Nucor expects Q4 earnings to decrease from Q3 »

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  • 22

    Oct

WABC

Westamerica

$65.19

0.71 (1.10%)

08:04
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HAL

Halliburton

$19.60

1.16 (6.29%)

08:04
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  • 13

    Nov

MCD

McDonald's

$209.85

1.365 (0.65%)

08:03
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Hot Stocks
McDonald's announces 8% increase in quarterly dividend to $1.25 per share »

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  • 22

    Oct

LIFE

aTyr Pharma

$3.55

0.12 (3.50%)

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NUE

Nucor

$51.78

0.09 (0.17%)

08:03
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Earnings
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  • 22

    Oct

MCD

McDonald's

$209.85

1.365 (0.65%)

08:02
10/22/19
10/22
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08:02
Hot Stocks
McDonald's reports Q3 systemwide sales up 5% to $26B »

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  • 22

    Oct

BIVI

BioVie

$0.00

(0.00%)

08:01
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BioVie submits protocol for Phase 2b/3 refractory ascites study to FDA »

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CBNK

Capital Bancorp

$13.53

0.27 (2.04%)

08:00
10/22/19
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08:00
Earnings
Capital Bancorp reports Q3 EPS 32c, consensus 30c »

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  • 13

    Nov

MCD

McDonald's

$209.85

1.365 (0.65%)

08:00
10/22/19
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Hot Stocks
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  • 22

    Oct

JBLU

JetBlue

$17.54

0.59 (3.48%)

08:00
10/22/19
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Options
JetBlue call buyer realizes 43% same-day gains »

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  • 22

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    Nov

08:00
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Conference/Events
UBS tech analyst/industry conference call has a time change »

TIME CHANGE: Technology…

MCD

McDonald's

$209.85

1.365 (0.65%)

07:59
10/22/19
10/22
07:59
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07:59
Hot Stocks
McDonald's reports Q3 global comparable sales increased 5.9% »

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  • 22

    Oct

MCD

McDonald's

$209.85

1.365 (0.65%)

07:59
10/22/19
10/22
07:59
10/22/19
07:59
Earnings
McDonald's reports Q3 EPS $2.11, consensus $2.21 »

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  • 22

    Oct

MIK

Michaels

$9.86

0.22 (2.28%)

07:57
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TEUM

Pareteum

$0.74

-0.0948 (-11.42%)

07:57
10/22/19
10/22
07:57
10/22/19
07:57
Downgrade
Pareteum rating change  »

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  • 12

    Nov

HAL

Halliburton

$19.60

1.16 (6.29%)

07:56
10/22/19
10/22
07:56
10/22/19
07:56
Recommendations
Halliburton analyst commentary  »

Halliburton guidance…

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  • 13

    Nov

HAL

Halliburton

$19.60

1.16 (6.29%)

07:55
10/22/19
10/22
07:55
10/22/19
07:55
Recommendations
Halliburton analyst commentary  »

Halliburton price target…

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  • 13

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