BTIG analyst Michael Gorman maintained a Buy rating on Broadstone Net Lease today and set a price target of $21.00.
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Michael Gorman has given his Buy rating due to a combination of factors that highlight Broadstone Net Lease’s strategic growth and portfolio transformation. The company has successfully restructured its portfolio over the past three years, significantly increasing its focus on industrial and retail sectors while reducing exposure to other categories. This refined portfolio composition sets BNL apart in the Net Lease sector, enhancing its potential for stable financial growth.
Additionally, BNL’s build-to-suit strategy has been a key driver of growth, with nearly $900 million in projects that offer competitive yields above market rates. This strategic approach, combined with their regular-way acquisitions sourced through existing relationships, positions BNL for above-average AFFO growth in the coming years. Despite these positive developments, BNL trades at a discount compared to its peers, suggesting potential for valuation improvement as the company continues to execute its strategy effectively.
In another report released yesterday, BMO Capital also maintained a Buy rating on the stock with a $21.00 price target.