Shares of Realty Income (NYSE:O) were little changed in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $0.33, which beat analysts’ consensus estimate of $0.32 per share. Funds from operations (FFO) per share also surpassed estimates, coming in $0.02 higher at $1.04.
Revenue increased by 24.2% year-over-year, hitting $1.04 billion. This beat analysts’ expectations by more than $84 million.
Looking forward, management now expects FFO per share and adjusted earnings per share for FY 2023 to be in the ranges of $4.08 to $4.15 and $1.25 to $1.32, respectively.
What is the Future of O Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on O stock based on four Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average Realty Income price target of $59.91 per share implies 18.8% upside potential.
