UPDATE: Morgan Stanley Downgrades Broadstone Net Lease (BNL) to Equalweight on Increasing Industrial Competition
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Morgan Stanley analyst Ronald Kamdem downgraded Broadstone Net Lease (NYSE: BNL) from Overweight to Equalweight with a price target of $19.00 (from $20.00).
The analyst comments "Competition for industrial assets (46% of rents)has risen post COVID which may impact their ability to buy assets at attractive spreads to cost of capital. We take a wait and see approach on execution. We model 7% avg FCF growth (including acquisition), though we think there is rising execution risk to that growth because of the high demand for industrial assets."
Shares of Broadstone Net Lease closed at $18.83 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
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