W.P. Carey price target raised to $73 from $72 at Scotiabank

Scotiabank analyst Greg McGinniss raised the firm’s price target on W.P. Carey (WPC) to $73 from $72 and keeps a Sector Perform rating on the shares. The firm is updating its price targets for U.S. Real Estate & REIT stocks under its coverage following Q4 results, the analyst tells investors. Scotiabank believes REITs should be raising target development yields to focus on near-term funds from operations per share impact and believes external growth from acquisitions offer a “better thematic story,” the firm adds.