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Spirit Realty reports Q2 adjusted FFO 20c, consensus 18c
Reports Q2 revenue $102.5M, consensus $137.32M.
Spirit Realty upgraded to Equalweight from Underweight at Capital One
Capital One analyst Chris Lucas upgraded Spirit Realty to Equal Weight with a $8.50 price target saying the most recent update form management of the "Path Forward," the spin-off of certain Master Trust Assets and Shopko stores into a separate entity improve risk/reward.
Spirit Realty downgraded to Neutral from Buy at BofA/Merrill
Spirit Realty downgraded to Neutral at BofA/Merrill
As previously reported, BofA/Merrill downgraded Spirit Realty to Neutral from Buy and cut its price target to $8.95 from $9.75. Analyst Joshua Dennerlein is concerned Spirit's relative NAV discount will remain even after is spins off SMTA, leaving the company with a high cost of capital, becoming a "value trap."
Spirit Realty downgraded to Neutral from Buy at BTIG
BTIG analyst Michael Gorman downgraded Spirit Realty to Neutral from Buy, saying the stock price has advanced about 27% in the past 6 weeks while its recent completion of a spin-off also removes the positive catalyst in the short run. Gorman adds that now that the REIT has transitioned toward a more diversified portfolio with better balance sheet, the management will need to build its track record of FFO growth through acquisitions, but this could prove challenging given its high cost of equity.
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