InvenTrust Properties rises as BofA turns bullish on growth visibility

InvenTrust Properties

03/10/2024 15:41

** InvenTrust's  IVT.N  shares up 1.7% to $29.02 on Thurs
after BofA Global Research upgrades to 'buy' from 'neutral',
saying it expects Sun Belt-focused retail REIT to increase
growth
    ** Brokerage boosts PT by $3 to $33, implying ~16% upside to
stock's last close
    ** BofA expects IVT will boost external capital deployment,
saying it is positive on Sun Belt grocery-anchored retail "with
consistent strong fundamentals & a resilient consumer base"
    ** IVT's recent equity raise signals willingness to finance
growth, BofA says, and it expects co's acquisition pace to
accelerate vs historical levels through 2025
    ** Brokerage says it views IVT as having one of the highest
quality portfolios among strip peers
    ** Last week, IVT announced pricing 8 mln share follow-on at
$28 and full over-allotment option was exercised, netting co
about $246 mln in proceeds
    ** Just 3 brokerages cover IVT with 1 "strong buy", 1 "buy"
and 1 "hold" rating and $32 median PT - LSEG data
    ** With move on Thurs, shares up ~14% YTD after 7% gain in
2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))