Realty Income (O) PT Raised to $80 at Stifel, Following Business Update

Stifel analyst Simon Yarmak raised the price target on Realty Income (NYSE: O) to $80.00 (from $79.00) while maintaining a Buy rating.

Analyst comments: "We are maintaining our 2021E AFFO of $3.59, our 2022E AFFO to $3.91, and adjusting our 2023E AFFO estimate to $4.05 (from $4.04). The company had pro forma net debt+preferred to EBITDA of 4.9x. Net-debt +preferred/EV is at a healthy 26.7%, better than the sector average of 29.5%. Our NAV per share estimate of $54.50 reflects a 6.0% cap rate. Our value range of $61.75-$48.50 reflects cap rates of 5.5%-6.5%. Shares trade at an implied 5.0% cap rate."

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