W.P. Carey downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded W.P. Carey to Market Perform from Outperform without a price target. The company’s Q4 earnings call revealed several credit issues and one large non-renewal, which is when investors realized the updated 2024 guidance would have been lower if not for some of the positive tweaks, the analyst tells investors in a research note. The firm says investors will likely allocate capital to other net-lease names “where you don’t have to worry about waking up to a press release that’s going to send the stock into free fall.”