JP Morgan Finds Kimco Realty Exceeded Expectations (KIM)

In a report out today, JP Morgan finds that Kimco Realty's KIM Q4 reported earnings exceeded its expectations. The report states, “Kimco Realty reported Q4 recurring FFO/share of $0.29, which was $0.01 higher than our estimate and Bloomberg consensus. The company's 2011 outlook was maintained and in our initial review of the 4Q result, nothing jumped out at us as being too far out of the ordinary.” JP Morgan also added, “management reaffirmed its 2011 recurring FFO/share guidance, which it initially issued with its Q3 earnings release. Specifically, KIM still expects 2011 FFO/share of $1.17-$1.21.” JP Morgan maintained its Neutral rating and $18 Price Target. Shares of Kimco Realty closed on Wednesday at $18.84.