Stifel Reiterates Buy Rating on Realty Income (O)

Stifel analyst Simon Yarmak reiterated a Buy rating and $68.00 price target on Realty Income (NYSE: O).

The analyst commented, “O Prices Attractive Euro Notes. Today, Realty Income priced a dual-tranche €1.3 billion Euro-denominated senior unsecured note offering. The dual-tranche offering was comprised of €650 million of 3.375% senior unsecured notes due 2031 and €650 million of 3.875% senior unsecured notes due 2035. The 2031 notes priced at an effective YTM of 3.456% and the 2035 notes priced at an effective YTM of 3.930%. On a blended basis, the €1.3 billion has a blended 8.0-year weighted-average tenor, and a blended YTM of 3.693%. Use of Proceeds. Net proceeds will be used to repay the $500 million term loan that matures next week as well as a portion of the $2.2 billion outstanding under its credit facility and commercial paper program. The attractive notes will limit the dilution from the repayment.”

For an analyst ratings summary and ratings history on Realty Income click here. For more ratings news on Realty Income click here.

Shares of Realty Income closed at $57.76 yesterday.

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