Global Net Lease initiated with a Hold at Truist

Truist analyst Anthony Hau initiated coverage of Global Net Lease with a Hold rating and $7 price target. The company insistently needs attractive cost of capital to accretively spread invest and grow, the analyst tells investors in a research note. The firm believes it will be difficult for Global Net to raise proceeds based on its underperforming past track record and stock performance. The company’s recent corporate governance enhancement and deleveraging effort “are steps towards the right direction,” but will not close the significant valuation gap despite assembling a portfolio comparable to the peer group, says Truist.