RBC Capital lowered the firm’s price target on W.P. Carey to $64 from $73 but keeps an Outperform rating on the shares. The stock’s underperformance following the company’s Q3 results was surprising given that the “uncertainty-removing” 2024 guide was in line with consensus, the analyst tells investors in a research note. RBC further cites W.P.Carey’s plan that is unlikely to require the capital markets in 2024 while noting that the company’s office sale program also appears to be on schedule.
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Read More on WPC:
- W. P. Carey Announces Third Quarter 2023 Financial Results
- W.P. Carey sees FY24 preliminary AFFO $4.60-$4.80, consensus $4.61
- W.P. Carey lowers FY23 AFFO view to $5.17-$5.23 from $5.32-$5.38
- W.P. Carey reports Q3 AFFO $1.32, consensus $1.32
- W. P. Carey Announces Completion of Spin-Off of Net Lease Office Properties