NNN REIT price target lowered to $43 from $44 at B. Riley

B. Riley analyst John Massocca lowered the firm’s price target on NNN REIT (NNN) to $43 from $44 and keeps a Neutral rating on the shares. The firm doesn’t see a company-specific catalyst for NNN REIT to expand its valuation in the near-term with its investment spreads seeming to have narrowed slightly and limited uncertainties with the REIT’s in place portfolio, the analyst tells investors in a research note. B. Riley says NNN REIT could be a resilient performer in a recession, given its conservative business model and historical underwriting, the benefit it could see on multiple fronts from lower interest rates, and the firm’s view that markets already have a muted expectation for the REIT’s growth potential, limiting volatility downside.