Wells Fargo Downgrades National Retail Properties (NNN) to Market Perform
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Price: $46.00 -0.52%
Rating Summary:
7 Buy, 15 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 15 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo downgraded National Retail Properties (NYSE: NNN) from Outperform to Market Perform.
The firm comments, "NNN outperformed the overall REIT group generating a 25% total return versus the RMS at +18% fueled in part to historically high acquisition volumes in 2012 financed under favorable terms. As a result, the shares now trade at a 4% discount to our dividend discount model (DDM) derived valuation of $34 per share that calls for more tempered growth with a somewhat higher risk-free rate assumed in our DDM. Still, the shares yield a relatively attractive 4.9%, which we view favorably and therefore view a Market Perform as more appropriate at this time."
For an analyst ratings summary and ratings history on National Retail Properties click here. For more ratings news on National Retail Properties click here.
Shares of National Retail Properties closed at $32.60 yesterday.
The firm comments, "NNN outperformed the overall REIT group generating a 25% total return versus the RMS at +18% fueled in part to historically high acquisition volumes in 2012 financed under favorable terms. As a result, the shares now trade at a 4% discount to our dividend discount model (DDM) derived valuation of $34 per share that calls for more tempered growth with a somewhat higher risk-free rate assumed in our DDM. Still, the shares yield a relatively attractive 4.9%, which we view favorably and therefore view a Market Perform as more appropriate at this time."
For an analyst ratings summary and ratings history on National Retail Properties click here. For more ratings news on National Retail Properties click here.
Shares of National Retail Properties closed at $32.60 yesterday.
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