W. P. Carey & Co. (WPC) PT Raised to $70 at JPMorgan

JPMorgan analyst Anthony Paolone raised the price target on W. P. Carey & Co. (NYSE: WPC) to $70.00 (from $68.00) while maintaining a Overweight rating.

The analyst comments "We updated our WPC model ahead of its 3Q print. We have no changes to our company-defined AFFO/share estimates for 2024 and 2025. For 2024, we remain at $4.66 (-10.0% y/y), which is below Bloomberg consensus of $4.69 and on the lower end of the $4.63-4.73 company guidance range. For 2025, we remain at $4.71 (+1.1%), which is below Bloomberg consensus of $4.84. We think our numbers are below the street due to our conservative same store revenue growth (nearly flat in 2024 and 1.5% in 2025), as well as lower deal volume compared to guidance ($1.21 billion in 2024 versus guidance of $1.25-1.75 billion). While we are lower, we still do like the stock and maintain our Overweight rating. We think the stock is cheap and positioned for stronger long-term internal growth. Additionally, WPC has multiple company-specific capital sources at its disposal, enabling it to pursue external growth accretively. We think the story here should start to pivot toward management’s efforts to make out-year growth both higher and more visible. Its execution and guidance on this front has been an investor point of frustration, thus providing more confidence that it can achieve growth is important – and we think will occur."

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