RBC Capital analyst Brad Heffern lowered the firm’s price target on W.P. Carey to $79 from $81 but keeps an Outperform rating on the shares after its Q2 results last week. The company had a good opportunity to increase guidance with earnings, but this was ultimately hampered by the abatement of some of the COVID-era strength in the operating self-storage portfolio, the analyst tells investors in a research note. RBC adds however that it is surprised by the negative market reaction to earnings given that guidance remains in line with consensus and that the potential sale of all or part of the self-storage portfolio would be a positive.
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