Netstreit just upgraded at Mizuho, here’s why

Mizuho upgraded Netstreit to Buy from Neutral with a price target of $18, up from $15. The analyst cites an attractive valuation and the company’s better than anticipated earnings growth for the upgrade. The firm remains constructive on triple nets real estate investment trusts and believes the stocks can work into fiscal 2024 given improving WACC tailwinds, capital rotation into long duration, and potential earnings upside if rates do not come back to the 5% we saw earlier this fall.