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Fly News Breaks for September 30, 2019
VER
Sep 30, 2019 | 08:44 EDT
As previously reported, Evercore ISI upgraded Vereit to Outperform from In Line with a $10.30 price target. Analyst Sheila McGrath said Vereit's $765.5M settlement of the pending class action litigation's is a very positive event in terms of clarity and ending "extraordinary" litigation expenses. Further, the equity capital raise last week was anticipated and essentially "hit the restart button for Vereit," the analyst wrote in a note to investors. McGrath now views Vereit risk profile as "much improved" and expects shares to re-rate higher.
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