BofA cuts FrontView REIT to Underperform after second CFO fired in two months

BofA downgraded FrontView REIT (FVR) to Underperform from Neutral with a price target of $11, down from $15, after the company announced the appointment of Sean Fukumura as Interim Chief Financial Officer, effective immediately, following the the board’s decision to terminate Randall Starr for cause. It will be challenging for management to focus on financing and executing its growth plans given the loss of one of the company’s key members and the firm thinks a discount multiple relative to peers is warranted after the board terminated its second CFO in two months, the analyst tells investors. There will be no delay in filing Q2 earnings, but the firm does not think it can rely on prior company 2025 AFFO guidance of $1.20 to $1.26, BofA added.