UPDATE: Stifel Nicolaus Lowers PT on Excel Trust on Mixed Factors

In a report published Tuesday, Stifel Nicolaus analyst Nathan Isbee reiterated a Buy rating on Excel Trust (NYSE: EXL), but lowered the price target from $14.00 to $13.50.

In the report, Stifel Nicolaus noted, “EXL core portfolio is performing well and the REIT is executing on its strategy to prudently grow its portfolio while recycling capital and moving toward its goal of an investment grade rating. We maintain our Buy rating, but reduce our target price to $13.50, in line with our updated NAV estimate at a 7% cap rate.”

Excel Trust closed on Monday at $12.77.