STORE Capital (STOR) PT Raised to $39.25 at Stifel, Following Earnings

Stifel analyst Simon Yarmak raised the price target on STORE Capital (NYSE: STOR) to $39.25 (from $39.00) while maintaining a Buy rating.

Analyst comments: "We are adjusting our 2021 AFFO estimate to $2.01 (from $1.97), our 2022 AFFO estimate to $2.19 (from $2.12), and our 2023 AFFO estimate to $2.31 (from $2.22). As of 9/30, run-rate net debt+preferred/ EBITDA was 5.6x. STOR's balance sheet has net-debt+preferred to EV at 29.3% vs. the industry average of 28.9%. Our 3Q21 NAV per share estimate of $26.25 reflects a 7.0% cap rate. Our value range of $29.25-$23.50 reflects cap rates of 6.5%-7.5%. Shares trade at an implied 5.7% cap rate."

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