As previously reported, Raymond James analyst Collin Mings upgraded Realty Income (O) to Outperform from Market Perform with a $79 price target and downgraded Retail Opportunity Investments (ROIC) to Outperform from Strong Buy with a $19 price target as part of his broader 2020 REIT outlook note. He sees Realty Income positioned for a notable acceleration in AFFO per share growth in 2020 given that it has now established a presence in Europe and its investment spreads remain very attractive. On Retail Opportunity Investments, Mings has growing concerns that the company's cost of equity capital remains a constraint on its ability to reduce leverage and/or execute on accretive opportunities.