Wolfe Research upgrades Realty Income to Outperform as value opportunity

Wolfe Research upgraded Realty Income to Outperform from Peer Perform with a $66 price target. The stock represents a value opportunity as shares have fallen 13% this year due to “transient events”, the analyst tells investors in a research note. Wolfe adds that the economy is slowing, and there is a good track record of net lease performing well when the economy cools as lower rates help investment spreads while longer lease duration provides downside protection.