VER - Vereit upgraded to Buy at Mizuho as story shifts to the offensive

Mizuho Securities USA analyst Haendel St. Juste upgrades Vereit ([[VER]] +0.0%) to Buy due to its improving risk/reward and re-rating potential.Points to improved weighted average cost of capital and liquidity profile, including joint ventures, have de-risked its 2021 external growth; and redemption of series F preferreds provide an accretive path to further de-leveraging.Notes that the REIT's portfolio has proven resilient with leading rent collections and VER trades at a 3.4x multiple discount to its peers while offering above-average AFFO per share growth in 2021.Sees "re-rating potential as VER shifts to a more offensively-oriented story into 2021."Lifts price target to $39 from $35, implying a 16% total return (vs. Wednesday's close).On Jan. 5, Vereit reported 97% rent collection rate in December.See Vereit's declining preferred stock outstanding, quarter-by-quarter:

For further details see:

Vereit upgraded to Buy at Mizuho as story shifts to the offensive