Essential Properties Realty, Getty Realty upgraded at BofA Securities

Aug. 24, 2022 10:42 AM ETEssential Properties Realty Trust, Inc. (EPRT), GTYBy: Liz Kiesche, SA News Editor2 Comments

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  • Essential Properties Realty Trust (NYSE:EPRT) stock has risen 1.0% and Getty Realty (NYSE:GTY) stock is up 1.4% after BofA Securities analyst Joshua Dennerlein upgraded both net-lease REITs.
  • EPRT was raised to Buy from Neutral as the stock has underperformed year-to-date and screens well on the analyst's price/earnings to growth and dividend yield ("PEGY") ratio. Also, Essential's (EPRT) recent equity raise "eliminates equity funding risk during a period of volatile equity capital markets," he added.
  • Getty (GTY) was upgraded to Neutral from Underperform as Dennerlein expects that management "has a higher appetite for external growth which would likely accelerate earnings growth in the years ahead."
  • Dennerlein's Buy rating on EPRT aligns with the Quant rating, and his Neutral rating on GTY is more cautious than the Quant rating of Buy.
  • After analyzing Essential Properties (EPRT)'s Q2 results, SA contributor Yannick Frey said now is the time to buy

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