Four Corners Property Trust initiated with a Buy at UBS

UBS initiated coverage of Four Corners Property Trust (FCPT) with a Buy rating and $33 price target The firm says the company’s “favorable” cost of capital and diversification strategy away from restaurants support upside to funds from operations growth at a favorable valuation. There is visibility into accelerating investment activity as Four Corners acquired $71M in Q3, up from Q2 of $45M, the analyst tells investors in a research note. UBS believes the company’s cost of capital can support continued accretive activity even if the 10-year remains unpredictable.