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Capital One Securities Inc. upgrades Kite Realty Group Trust to 'overweight'

Capital One Securities Inc. analyst upgraded hisinvestment opinion of Kite RealtyGroup Trust to "overweight" from "equalweight," and decreased his price target to $20 from $22.

The analyst wrote in a research report: "Given thatshares trade at a significant discount to NAV, management was receptive to increasingdisposition activity without providing any guidance to preserve flexibility. Inaddition, management noted that a stock buy-back might make sense at these highlydiscounted levels. However, it appears to us that management is reacting toevents rather than anticipating the importance of having a flexible balancesheet. With increasingly expensive tenant improvements likely necessary tobackfill anchor boxes, we see balance sheet flexibility as increasinglyimportant. In our view, a significant (10% of EV) net disposition program in2018 would improve balance sheet flexibility meaningfully and push net debt toEBITDA toward the important 6.0x level."