National Retail Properties upgraded at Jefferies on consistency, execution

As previously reported, Jefferies analyst Linda Tsai upgraded National Retail Properties to Buy from Hold with a price target of $52, up from $42. She expects upside to FY23 AFFO per share growth given low expectations and National Retail’s "superior self-funding capabilities," said Tsai, who forecasts the stock will outperform in 2023 as the market is likely to "reward prudent operators in these uncertain times." In a recession, she recommends Net Lease REITs given their strong balance sheets, long lease durations, and "diversified and mostly necessity-based tenant bases," the analyst added.