8/21/24
On Wednesday, Raymond James raised its rating for Netstreit Corp. stock, a real estate investment trust, from Outperform to Strong Buy, while revising its price target downward to $19 from the previous $20. The upgrade comes despite the stock's underperformance compared to its peers year-to-date.
The firm's decision to upgrade Netstreit's shares is largely based on the current valuation of the stock. Netstreit's performance has lagged behind the broader market, which the analyst attributes to the perceived risks associated with the company's tenant exposure.
Notably, Netstreit has tenancy ties with Big Lots (NYSE:BIG), Walgreens, and Family Dollar, which account for 1.4%, 5.9%, and 1.2% of its annual base rent (ABR), respectively.
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