Wells Fargo Upgrades National Retail Properties (NNN) to Outperform; FFO Growth Potential Not Fully Reflected In Shares

Wells Fargo upgraded National Retail Properties (NYSE: NNN) from Market Perform to Outperform with a price target range of $28-$30.

Wells analyst says, "YTD, NNN shares are up 5.7% on a total return basis compared to down 4.0% for the net lease group and +5.0% for all REITs. Specifically, NNN shares are up 8.8% over the past 30-day period vs. +1.0% for the RMS. We believe most of the relative outperformance has been due to recent (upward) revisions for both 2011 FFO and acquisition volume guidance as well as some benefit from NNN perceived as a safe haven in light of continued uncertainty in the U.S. macro environment. We believe that this relative outperformance can continue and not all of the recent revised assumptions are imbedded in the stock price...We are raising our 2011E FFO by $0.02 to $1.55/share; our 2012E FFO increases by $0.08 to $1.66/share."

For more ratings news on National Retail Properties click here and for the rating history of National Retail Properties click here.

Shares of National Retail Properties closed at $26.70 yesterday.

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