Broadstone Net Lease price target raised to $24 from $20 at KeyBanc
KeyBanc analyst Upal Rana raised the firm's price target on Broadstone Net Lease to $24 from $20 and keeps an Overweight rating on the shares. The firm notes the company showcased its ability to execute with continued validation of its BTS development strategy by announcing a $303M BTS development project with a Fortune 20 IG tenant. The project is expected to deliver an initial yield of 8.5%, generating strong investment spreads of 200 bps and provides future embedded growth opportunities. Importantly, KeyBanc estimates the project could meaningfully contribute to 2027 AFFO/share earnings growth by an incremental $5.1M or 1.9%.
KeyBanc analyst Upal Rana raised the firm's price target on Broadstone Net Lease to $24 from $20 and keeps an Overweight rating on the shares.
The firm notes the company showcased its ability to execute with continued validation of its BTS development strategy by announcing a $303M BTS development project with a Fortune 20 IG tenant.
The project is expected to deliver an initial yield of 8.5%, generating strong investment spreads of 200 bps and provides future embedded growth opportunities.
Importantly, KeyBanc estimates the project could meaningfully contribute to 2027 AFFO/share earnings growth by an incremental $5.1M or 1.9%.