NNN REIT downgraded to Hold from Buy at Jefferies

Jefferies downgraded NNN REIT (NNN) to Hold from Buy with a price target of $43, down from $52. The combination of Badcock & Frisch’s boxes returning to NNN creates an “earnings air pocket” in the first half of 2025 that likely sidelines investors and weighs on the stock’s multiple, the analyst tells investors in a research note. The firm “appreciates the prudence” with which NNN runs it business and manages its balance sheet, but thinks the company’s near-term outlook on bad debt creates more uncertainty.