Wells Fargo analyst Dori Kesten maintained a Buy rating on SITE Centers (SITC – Research Report) yesterday and set a price target of $15.00.
Dori Kesten has given a Buy rating to SITE Centers (SITC) due to a combination of factors involving the pace and pricing of the company’s asset dispositions. The recent transactions have exceeded both Wells Fargo’s and the consensus expectations in terms of volume and pace, signaling a robust demand for SITE Centers’ assets. This brisk pace of sales and the favorable capitalization rates, which are indicative of strong investor interest, underpin Kesten’s positive outlook on the company’s strategic dispositions.
Furthermore, the acquisitions of convenience centers by SITE Centers in the fourth quarter surpassed expectations, suggesting an aggressive expansion strategy in high-growth markets. These acquisitions, combined with the projected dispositions through 2024, contribute to a solid investment thesis for SITE Centers. Kesten’s Overweight rating reflects confidence in the company’s ability to transact its legacy assets at favorable rates and the anticipated performance of its acquisitions moving forward.
SITC’s price has also changed slightly for the past six months – from $13.930 to $13.800, which is a -0.93% drop .
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
SITE Centers (SITC) Company Description:
SITE Centers Corp. is a real estate investment trust, which engages in the acquisition, development, lease, and management of shopping centers. It operates through the Shopping Centers and Loan Investments segments. The company was founded in 1965 and is headquartered in Beachwood, OH.
Read More on SITC:
- Wolfe taking ‘wait and see’ approach on Site Centers split, downgrades shares
- Site Centers downgraded to Peer Perform from Outperform at Wolfe Research
- Site Centers price target lowered to $16 from $17 at Piper Sandler
- Site Centers price target lowered to $11 from $15 at Mizuho
- Site Centers price target lowered to $15 from $17 at KeyBanc
