JMP Securities analyst Mitch Germain downgraded W.P. Carey to Market Perform from Outperform without a price target after resuming coverage of the name. The analyst believes the share price performance will be influenced by the outcome of upcoming debt maturities, with roughly half of the company’s debt scheduled to mature through the end of 2026. The firm also believes W.P. Carey’s earnings appear less predictable to forecast relative to net lease real estate investment trust peers. It views the shares as fairly valued pending better clarity on forward earnings and the aftermath of near-term debt maturities.
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Read More on WPC:
- W.P. Carey price target lowered to $64 from $73 at RBC Capital
- 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
