Curbline's Acquisition-Driven Upside Largely Priced In, Morgan Stanley Says
Curbline Properties (CURB) may face a tougher path to sustaining its acquisition-driven growth as rising competition and a richer valuation shift investor focus from deal volume to deal quality, Morgan Stanley said in a note Thursday.The brokerage said Curbline has successfully executed on its growth strategy, highlighted by increased 2026 acquisition guidance of $850 million, 4.8% Q1 same-property NOI growth and leased occupancy of 96.3%. However, Morgan Stanley believes much of that progress is now reflected in the stock price, with future upside increasingly dependent on the company's ability to source attractive acquisitions without sacrificing returns.The top investment bank also noted that solid foot traffic and sales growth and limited new retail supply continue to support the broader retail REIT sector, though valuations have become less compelling following a strong year-to-date rally.Morgan Stanley downgraded Curbline Properties to 'Equal Weight' from 'Overweight' and set a price target of $30.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
