Barclays double downgrades NNN REIT to Underweight after rally

Barclays analyst Richard Hightower double downgraded NNN REIT (NNN) to Underweight from Overweight with a price target of $44, down from $46, ahead of the Q2 report. NNN is viewed as the “cleanest” net lease real estate investment trust for non-investment grade tenancy, and the shares have had a strong run over the past 90 days, the analyst tells investors in a research note. The firm views the rally as overdone based on the market’s “risk-on” positioning. In addition, NNN has among the highest exposure to bankrupt retailer At Home, adds Barclays. The firm now sees better returns elsewhere within the net lease group.