UPDATE - UBS Downgraded Realty Income (O) to Sell; Monthly Dividends Are Just Not Enough

UPDATE - UBS downgraded Realty Income (NYSE: O) from Neutral to Sell. PT unchanged at $33.

Analyst, Ross T. Nussbaum, said, "The “Monthly Dividend Company” does offer a 4.5% dividend yield that should increase a modest 3-4% annually. However, we believe the valuation is at an unsustainable all-time cyclical high. While this call admittedly might be early and lacks a near-term fundamental catalyst, we do not see enough cash flow growth to offset the inevitable re-pricing of the shares that would likely occur in a world where the 10yr Treasury does not yield 2.2%."

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