- Near-term catalysts include the recently gone-public's stock inclusion in several indexes, the shift from retail to institutional shareholders, additional sell-side coverage, and downside support thanks to the share buyback authorization.
- Additionally, says FBR, the valuation gap between COLE and its net-lease brethren should narrow as the company gets an investment-grade rating and continues to grow its portfolio. There's also Cole's private capital-management business, which offers diversification and a growing earnings stream.
- The company's focus on secondary markets - thus not going up against the big boys - has consistently allowed it to buy properties at better-than-market cap rates ... "the team must remain disciplined in the assets that it buys."
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