In a report published Tuesday, Bank of America analyst Craig Schmidt downgraded the rating on Inland Real Estate Corporation IRC from Neutral to Underperform, but reiterated the $10.25 price target.
In the report, Bank of America noted, “We are downgrading IRC from Neutral to Underperform on valuation and maintain our $10.25 PO, which is based on our NAV. Our PO implies a 4.5% total return, which largely suggests an Underperform rating within our overall REIT coverage cluster. After incorporating IRC's recently announced acquisitions and $100M perpetual preferred raise at 6.95%, we have lowered our 2014 FFO to $0.94 (-2%) and 2015 to $0.98 (-3%). Our estimates are 2% below consensus for 2015.”
Inland Real Estate Corporation closed on Monday at $10.34.
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