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Following its acquisition of Spirit Realty Capital, Inc. (NYSE:SRC), Realty Income Corporation (NYSE:O) is set to become the fourth-largest Real Estate Investment Trust (REIT). The deal will also make Realty Income the 150th largest company in the S&P 500 by total enterprise value. This strategic move brings both advantages and challenges for Realty Income, impacting its market position and growth strategies.
However, the expansion also poses challenges.
Despite these challenges, recent strong Q3 results and a discount resulting from the SRC deal news have rendered Realty Income’s valuations attractive. The current entry point is considered decent, with valuation metrics aligning more closely with the sector after solid earnings growth. Realty Income’s shares are trading at a P/AFFO (FWD) of 13.47, against a sector median of 14.72.
RBC Capital analyst Brad Heffern maintained an Outperform rating on Realty Income and raised the price target from $56 to $57.
Wolfe Research analyst Andrew Rosivach recently upgraded Realty Income stock from Peer Perform to Outperform with a $66 price target.
Price Action: Shares of Realty Income stock closed 1.5% lower at $53.86 on Friday.
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