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Fly News Breaks for January 6, 2020
STOR
Jan 6, 2020 | 07:32 EDT
BTIG analyst Michael Gorman downgraded Store Capital to Neutral from Buy. In a research note to investors, Gorman says he continues to like Store Capital's management team, their differentiated acquisition strategy and their strong balance sheet, but says the shares returned nearly 40% in 2019, and the relative multiple expanded to 0.96xover the course of the year. With the steady cash flow levels and flow-based acquisitions, he expects the company to generate above-average FFO per share growth in 2020. However, with the shares trading at 18.0x his 2020 estimate and a 24% premium to NAV, he expects more moderate returns in 2020.
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