RBC Capital lowered the firm’s price target on W.P. Carey to $65 from $68 and keeps an Outperform rating on the shares. The company’s Q4 results were overshadowed by news that #3 tenant Hellweg is likely to see a rrent cut due to credit issues, while another small tenant is in bankruptcy, the analyst tells investors in a research note. The highly negative market reaction screens as overdone given the small scale of potential AFFO per share losses and lack of a change in guidance, though the market is likely assuming more widespread issues in the European portfolio, the firm added.
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