NAREIT Conference Next Week Gives JPMorgan Pause On Brixmor

Courtesy of Benzinga.

Following the conduct and accounting issues announced in early February, J.P. Morgan’s Michael W. Mueller believes that the fallout risk associated with Brixmor Property Group Inc (NYSE: BRX)’s has declined considerably over the recent months.

Mueller upgraded the rating on the company from Underweight to Neutral, with a price target of $26, ahead of the NAREIT conference in New York.

Headwinds Behind The Stock

“Audited financials have been filed with no restatements, the open CEO and CFO roles have been filled with industry veterans, and the company has successfully demonstrated that Brixmor stock and bonds could be sold into the market,” the analyst mentioned.

Although some concerns still persist, due to the ongoing SEC investigation and shareholder lawsuits, Mueller believes that the major headwinds are now behind the stock.

The analyst expects management’s message, especially that of the new CEO, at the NAREIT conference to affirm that Brixmor Property was well positioned to move forward and that the company would continue to focus specifically on its pipeline of anchor re-positioning and redevelopments.

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