Getty Realty initiated with a Neutral at UBS

UBS initiated coverage of Getty Realty (GTY) with a Neutral rating and $32 price target The firm has confidence around the company’s acquisition pace and convenience store exposure, but caution around its car wash portfolio. Trends in Getty’s car wash segment have been “choppy” due in part to increased competition and the Zips Car Wash bankruptcy, the analyst tells investors in a research note. UBS thinks this will weigh on the company’s narrative in the intermediate-term.