Essential Properties Realty Trust initiated with a Buy at B. Riley

B. Riley initiated coverage of Essential Properties Realty Trust with a Buy rating and $27.50 price target. While Essential trades at “somewhat premium multiples” relative to its retail-focused single-tenant net lease peers, this is deserved and there is room for multiple expansion, given several positive operational and balance sheet factors, the analyst tells investors in a research note. The firm believes the company is well positioned to continue pursuing accretive investment activity “given robust in-place capital and lower leverage.”