Kimco Realty Corp.'s (KIM) shares have rebounded strongly from the December market rout, and, as a result, I no longer recommend the REIT for new income investors. Though I like the REIT's overall value proposition in terms of portfolio and distribution coverage, the valuation has become a bit stretched lately, which translates into an unattractive risk/reward ratio for income investors. I'd wait for a drop before gobbling up some more shares.
Core Investment Thesis Remains Intact But Valuation Is No Longer Attractive For New Investors
This article serves as a valuation update