Kimco Realty Shares Jump On Stock Upgrade

The analyst trimmed his 2009 funds from operations estimate to $1.13 per share from $1.47, and reduced his 2010 FFO estimate to $1.25 from $1.68, but maintained his target price at $8.50.

Wall Street analysts expect FFO of $1.73 per share this year, and $1.72 per share in 2010, according to a survey by Thomson Reuters.

Funds from operations, a key measure of a REIT's performance, is earnings with depreciation and amortization added back in.

Shares rose $1.69, or 22.4 percent, to $9.17 in afternoon trading, after reaching $9.24 earlier Friday. The stock has ranged between $6.33 and $47.80 over the past 12 months, and is off 59 percent since January.