W.P. Carey upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded W.P. Carey (WPC) to Overweight from Equal Weight with a price target of $72, up from $68. The company is rotating out of operating storage assets at below 6% cap rates and into acquisitions with mid-7% yields, the analyst tells investors in a research note. Further, the firm believes W.P. Carey’s cost of equity is nearing a point where management can lock in funding for 2026. Wells adds that the company’s credit profile continues to improve.