Realty Income downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst RJ Milligan downgraded Realty Income to Market Perform from Outperform without a price target. Realty Income still maintains a cost of capital advantage and a defensive tenant roster, but Milligan sees more attractive risk/reward opportunities and better growth in other names, the analyst tells investors in a research note. He still expects meaningful acquisition volume in 2023, but thinks it will be more difficult to move the needle given tighter investment spreads and Realty Income’s massive size.