As previously reported, Janney Montgomery Scott downgraded NNN REIT (NNN) to Neutral from Buy with a $43 fair value estimate. While the firm remains positive on NNN’s business model and management team, it believes “higher-for-longer” interest rates, as well as tenant headwinds, will continue to offset the “cheap valuation” in the near term. The firm’s change in rating “for the time being” was part of its larger REIT group rebalancing, the analyst noted.
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