Broadstone Net Lease initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Caitlin Burrows initiated coverage of Broadstone Net Lease with a Sell rating and $14 price target. Due to a higher cost of debt and investment yields that have not increased to the same extent, Broadstone’s ability to spread invest is limited, preventing meaningful funds from operations growth and making valuation improvement less likely over the medium term, the analyst tells investors in a research note.