NNN REIT price target lowered to $43 from $46.50 at B. Riley

B. Riley analyst John Massocca lowered the firm’s price target on NNN REIT (NNN) to $43 from $46.50 and keeps a Neutral rating on the shares. NNN REIT provided some positive asset management updates with Q4 guidance as the REIT had short-term success in re-leasing a number of properties from recent tenant defaults, the analyst tells investors in a research note. There remains some uncertainty given still meaningful number of properties left to re-lease and the replacement of some base rent with tenant operationally contingent percentage rent, B. Riley says.