Pair trade: BAML downgrades NNN while boosting Spirit Realty

|By:, SA News Editor

Alongside an upgrade to Buy for Spirit Realty, the team at BAML downgrades National Retail Properties (NNN +0.2%) to Neutral. The currently favorable acquisition environment could be negatively impacted by higher interest rates, says BAML, "which could limit external growth with competition likely to keep cap rates sticky."