In a report released today, Barry Oxford from Colliers Securities reiterated a Hold rating on One Liberty Properties (OLP – Research Report), with a price target of $28.00.
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Barry Oxford has given his Hold rating due to a combination of factors influencing One Liberty Properties. The company has been actively expanding its industrial portfolio, which now constitutes a significant portion of its rental income. Despite this strategic shift, the growth rate remains relatively low in the near term, aligning with the average valuation in the triple net sector, which suggests the current stock valuation is fair.
Furthermore, the company’s financial performance shows stability with FFO numbers meeting consensus estimates, although slightly below Barry’s expectations. The recent acquisition and disposition activities reflect a strategic focus on industrial properties, but the company’s debt levels are slightly above average, which could pose a risk. With the stock trading at a valuation comparable to its peers and a modest potential upside, coupled with a solid dividend yield, Barry maintains a neutral stance, reflected in the Hold rating.