Spirit Realty downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst RJ Milligan downgraded Spirit Realty to Market Perform from Outperform without a price target. Milligan believes Spirit Realty’s cost of capital impairment will limit upside in the near-term and favors the names with more attractive costs of capital and lower leverage, the analyst tells investors in a research note. He sees fewer incremental buyers given Spirit’s non-rated tenant roster/potential headline risk.