Cowen & Co. analyst Michael Gorman initiated coverage on Realty Income Corp (NYSE:O) rating the stock a Market Perform with a price target of $46. Shares of O closed yesterday at $45.07, down $0.27, or -0.60%.

Gorman wrote, “O is one of the market leaders in the triple net space, with a best in class investment record, balance sheet, and portfolio. However, O is generally counter-cyclical to the REIT space, and given the potential for rising rates and accelerating economic growth, we are on the sidelines for now.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Gorman has a total average return of 15.6% and a 91.7% success rate. Gorman has a 17.4% average return when recommending O, and is ranked #1053 out of 3629 analysts.

Out of 4 analysts polled by TipRanks, 1 rates O stock a Buy, and 3 rate the stock a Hold. With an upside potential of 2.06%, the stock’s consensus target price stands at $46.00.