National Retail Properties downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst RJ Milligan downgraded National Retail Properties to Outperform from Strong Buy with a price target of $50, up from $48. Milligan believes the conservative external growth strategy going forward is prudent, and cites National Retail’s recent performance and less upside to the firm’s price target for the downgrade. The company’s successful track record of underwriting and conservative balance sheet management should provide a relative safe-haven within net-lease, despite the lower percentage of IG tenants, the analyst adds.