Morgan Keegan Lowers PT To $5 On KRG

Morgan Keegan has lowered its price target on Kite Realty Group KRG from $5.75 to $5 following the release of the company's 2Q numbers. Says Morgan Keegan, in its report, “Management maintained full-year 2011 FFO guidance of $0.40-0.45/share. We are raising our 2011 estimate by a penny to $0.44/share; we are lowering our 2012 estimate by $0.02 to $0.45/share. KRG continues to improve portfolio operating performance; the attractive 5.9% dividend yield and large valuation discount should support shares as leasing progresses.” Morgan Keegan is maintaining its Market Perform rating on the stock. KGR closed at $4.08 yesterday.