Morgan Stanley analyst Ronald Kamdem maintained a Buy rating on National Retail Properties (NNN – Research Report) yesterday and set a price target of $48.00.
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Ronald Kamdem has given his Buy rating due to a combination of factors including the company’s solid investment activity and financial performance. National Retail Properties invested $216.8 million in property acquisitions, surpassing expectations, and achieved a strong initial cash yield of 7.6%. Furthermore, despite an increase in the net debt-to-EBITDA ratio, the company’s debt service coverage remained robust.
Additionally, the company’s proactive tenant management, such as re-leasing properties formerly held by bankrupt tenants, demonstrates its ability to maintain high occupancy rates. The financial results for the quarter were in line with expectations, and the guidance for the upcoming year exceeded consensus estimates, which supports a positive outlook for the stock.
In another report released today, Barclays also maintained a Buy rating on the stock with a $46.00 price target.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NNN in relation to earlier this year.