BMO Capital analyst John Kim upgraded W.P. Carey (WPC) to Outperform from Market Perform with a price target of $67, up from $60. Investor confidence is returning to W.P. Carey post the spinoffs and sales as it exhibits improving growth, the analyst tells investors in a research note. The firm says the company has “unique drivers,” including sector-leading same-store growth with high warehouse recapture rates and capacity to raise debt in Europe. The shares are set up for multiple expansion while W.P. Carey provides a “well-covered 6.0% dividend yield,” adds BMO.
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