UPDATE: RBC Capital Starts Getty Realty (GTY) at Sector Perform
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RBC Capital analyst Brad Heffern initiates coverage on Getty Realty (NYSE: GTY) with a Sector Perform rating and a price target of $31.00.
The analyst commented, "We like the convenience sector broadly and think that GTY's asset base is solid. However, we think GTY could benefit from increased scale and diversity. As acquisition activity ramps, cost of debt capital comes down and concentration risks abate, we see a pathway for a re-rating higher, but we see the current valuation properly reflecting the medium-term outlook for the business. We initiate with a Sector Perform rating and $31 price target."
Shares of Getty Realty closed at $30.12 yesterday.
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