In a report released yesterday, Sheila McGrath from Evercore ISI maintained a Hold rating on VEREIT Inc (VER), with a price target of $8.75. The company’s shares opened today at $9.62, close to its 52-week high of $9.72.
McGrath said:
“We view VER sourcing capital to deleverage and fund acquisitions and litigation expenses with a combination of asset sales, seeding an investment grade industrial joint (just below 6% cap rate) and issuing on ATM as attractive cost of capital to continue to de-risk. Big disposition quarter gave VER the liquidity to reduce debt levels and retire $100 million of preferred. Overall, solid quarter just meets consensus estimates with no big surprises. Solid execution on strategic plans improving portfolio, deleveraging and de-risking.”
According to TipRanks.com, McGrath is ranked #3606 out of 5229 analysts.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for VEREIT Inc with a $9.42 average price target, implying a -2.0% downside from current levels. In a report issued on August 2, Morgan Stanley also initiated coverage with a Hold rating on the stock with a $9 price target.
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The company has a one-year high of $9.72 and a one-year low of $6.88. Currently, VEREIT Inc has an average volume of 10.45M.
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VEREIT, Inc. operates as a real estate investment trust, which provides real estate investment services. It owns and manages the portfolios of single-tenant commercial properties in the U.S. The company operates though the following segments: Real Estate Investment and Cole Capital.
