BTIG analyst Michael Gorman maintained a Buy rating on NETSTREIT yesterday and set a price target of $19.00.
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Michael Gorman has given his Buy rating due to a combination of factors including NETSTREIT’s strong quarterly performance and strategic investment activities. The company reported an AFFO per share that aligned with both analyst estimates and market consensus, demonstrating stable financial performance. Additionally, NETSTREIT significantly increased its net transaction activity guidance for the year, indicating a robust growth strategy with a 1.5x increase in investment activity compared to previous guidance.
Furthermore, the company has made substantial progress in diversifying its portfolio by reducing exposure to top tenants and specific industries such as Dollar Stores and Pharmacies. This diversification is seen as a long-term positive move. The capital markets activity was also noteworthy, with successful equity sales and a substantial loan issuance, raising nearly $700 million to support ongoing investment activities. These strategic actions collectively underpin the Buy rating, reflecting confidence in NETSTREIT’s ability to grow and manage its portfolio effectively.
In another report released on October 21, Wells Fargo also maintained a Buy rating on the stock with a $22.00 price target.