Goldman Lowers PT on Realty Income (O)

Goldman Sachs today maintained a Sell rating on Realty Income (NYSE: O) with a modified price target of $44.00 (from $51.00). Like other REITs, Realty income has traded lower since Fed Chairman Ben Bernanke's speech on May 21st. It is also among the worst performers in the sector, declining 24% vs 12% for the REIT index.

Commenting, analyst Andrew Rosivach said, "We shift our Realty Income price target to $44 to $51, which represents a 10% total return, and is one of the lowest in our coverage universe. O trades at 18.6X 2013E AFFO, which is a 9% discount to the sector average. However, compared to traditional REITs with quasi-net lease characteristics (such as strip and healthcare REITs), O trades at a premium. In addition, on 2018E AFFO, O trades at a 5% premium to the sector."

For an analyst ratings summary and ratings history on Realty Income (NYSE: O) click here. For more ratings news on Realty Income click here.

Shares of Realty Income closed at $41.85 yesterday.

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