Keefe, Bruyette & Woods Maintains Glimcher Realty Trust Outperform, Raises PT To $11 (GRT)

Keefe, Bruyette & Woods maintained its Glimcher Realty Trust GRT Outperform rating and raised Glimcher Realty Trust's price target to $11 in a research report published today. In the report, Keefe, Bruyette & Woods states, "Operations (4Q10/2011) above expectations, but 4Q10 FFO missed by penny while 2011 guidance "below" consensus/KBW - non-issue, given FFO-related noise from moving pieces. Sales/sf of $371/sf at record high, boosted by Scottsdale Quarter; organic growth could push sales/sf >$400/sf (deemed high-quality). Core improving in 2011: SSNOI up 1-2%. 2011 FFO/sh guidance $0.64-$0.68; ex-noise, essentially in-line." Shares of Glimcher Realty Trust closed Thursday at $9.30, reflecting no change from Wednesday's market close.