BMO Capital Starts Global Net Lease (GNL) at Outperform, 'Deep Value on a Turnaround'

BMO Capital analyst John Kim initiates coverage on Global Net Lease (NYSE: GNL) with a Outperform rating and a price target of $11.00.

The analyst comments "We initiate GNL with an Outperform and $11 price target, implying a 55% total return and a 7.2x 2024 AFFO multiple. We believe GNL's 57% discount to peers is due to its high leverage and historically-poor corporate governance / association with AR Global (largely addressed through management internalization). We rank GNL #11 of 11 in the BMO Net Lease Composite Ranking. Catalysts include debt reduction, and potentially, M&A. We forecast $750M of near-term dispositions and a 22% dividend cut, leading to a 13.7% yield and 75% payout ratio."

For an analyst ratings summary and ratings history on Global Net Lease click here. For more ratings news on Global Net Lease click here.

Shares of Global Net Lease closed at $8.02 yesterday.

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