W.P. Carey price target raised to $68 from $66 at RBC Capital

RBC Capital analyst Brad Heffern raised the firm’s price target on W.P. Carey to $68 from $66 and keeps an Outperform rating on the shares. W.P. Carey’s investment activity for 2023 was at the low end of guidance, but the 4Q23 cap rate was 20bps above the firm’s previous expectations, offsetting the volume loss, the analyst tells investors in a research note. RBC continues to think that Euro-denominated acquisitions are the most attractive in net lease currently, given a cost of debt at or below 4%.