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Robert W. Baird & Co. initiates coverage of Retail Properties of America at 'outperform'

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Robert W. Baird & Co. initiates coverage of Retail Properties of America at 'outperform'

RobertW. Baird & Co. Inc. analyst RJ Milligan initiated coverage of with a rating of "outperform," and a price target of$18.

The analyst wrote in a research report: "Shares of RPAIare trading at a 15% discount to our $18.13 NAV. We note that RPAI trades atone of the highest implied cap rates among all shopping center REITs despitehaving above-average rents, above-average portfolio demographics, and aconsistent track record of ~3% annual SSNOI growth. As management executes onits dispositions throughout the year, we expect the additional pricingdiscovery will further highlight the dislocation between private market valuesand RPAI's stock price."