ARGUS Reiterates 'Buy' Rating on Realty Income Corp. (O), Says Shares Remain Undervalued
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ARGUS reiterates a 'Buy' rating on Realty Income Corp. (NYSE: O). 12-month target price of $28.
ARGUS analyst says, "In our view, the company's fundamentals are strong, and the shares are undervalued at this time. Realty Income invests in stand-alone retail stores, and disposes of unleased and other unwanted properties through its Crest Net Lease unit. The company has a diverse tenant and geographic base, and rents to 118 different chains across 30 retail categories in 49 states. From 2003 to 2007, the company's FFO per share grew at a compound average annual rate of 6.9%, while EPS grew an average of 1.9% annually. We expect the company can continue to grow FFO at a rate of 6% over the next five years. As of June 30, the occupancy rate of the company's portfolio was 96.8%, which makes both its revenue and cash flow very predictable."
Realty Income Corporation, The Monthly Dividend Company, operates as an equity real estate investment trust (REIT). [SM]
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