Essential Properties Realty Trust price target lowered to $36 from $37 at Wedbush

Wedbush analyst Jay Kornreich lowered the firm’s price target on Essential Properties Realty Trust (EPRT) to $36 from $37 and keeps an Outperform rating on the shares. While the firm previously heard concerns that the company’s private middle market tenant base may be more exposed to tenant credit risk during the current trade war, the initial messaging was that the portfolio is not showing cracks. While Wedbush recognizes that everything has a breaking point, this acknowledgement reaffirms its belief in the defensive nature of these long lease duration assets, which have less exposure to near-term occupancy and re-leasing risks.