Getty Realty price target lowered to $33 from $35 at KeyBanc

KeyBanc lowered the firm’s price target on Getty Realty (GTY) to $33 from $35 and keeps an Overweight rating on the shares. The firm notes the company reported solid Q1 earnings that included ramping up its committed investment pipeline to over $110M with 110-120 bps spreads, and expected resolution on the Zips bankruptcy, which is expected to have a minimal impact on earnings and should alleviate some near-term risk. However, since Liberation Day, Getty Realty has underperformed Net Lease REITs by 600 bps. KeyBanc suspects uncertainty surrounding tariffs may be causing investors to be cautious on the stock given its auto-centric portfolio.