April 25, 2024 12:31 am
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Spirit Realty Capital’s stock downgraded shortly after merger with Cole

Spirit realtyBy Kristena Hansen | Phoenix Business Journal

A Wall Street analyst group downgraded the stock of Scottsdale-based Spirit Realty Capital Inc. (NYSE: SRC) on Monday, expressing its concern over the real estate investment trust’s recent merger with Phoenix-based Cole Credit Property Trust II.

Stifel, Nicolaus & Co. downgraded the REIT’s stock from “buy” to “hold” and removed its price target of $18.50, according to an article by Benzinga.com. The downgrade comes several weeks after Spirit and Cole announced the merger plans on Jan. 22, which prompted another analyst group, Raymond James, to upgrade Spirit’s stock from a “market perform” rating to an “outperform” rating in a research note to investors the following day, according to an article by JagsReport.com.

Spirit’s stock closed at $20.07 per share on Monday, down only 4 cents, 0.2 percent, from the previous trading day, according to Yahoo Finance. The 52-week range is $14.76-$20.25.

Continued:

If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com

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