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Fly News Breaks for September 14, 2015
SRC
Sep 14, 2015 | 07:30 EDT
BofA/Merrill downgraded Spirit Realty to Neutral and lowered its price target to $11 from $12. Analyst Juan Sanabria said Haggen, Spirit's fourth largest tenant, filed for bankruptcy on September 8 and raises question on the company's underwriting of acquisitions. Sanabria said Spirit miscalculated operating risk of Haggen's aggressive expansion, which could lead to a lack of confidence in management and increase the cost of capital, a key earnings driver.
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