Jefferies initiates coverage on W.P. Carey with 'buy', shares rise

Shares of REIT W.P. Carey rose more than 1% to $67 after Jefferies initiated coverage on the stock with a buy rating and a $73 price target, implying about 10% upside to the last close.

Jefferies said five years of restructuring have transformed W.P. Carey into a scaled, diversified and focused net lease REIT. The brokerage expects net lease sector valuations to recover as elevated investment pipelines drive stronger growth.

Seven of 15 brokerages rate the stock buy or above, seven hold and one sell, with a median price target of $80, according to data compiled by LSEG.

Including session moves, shares are up about 4% year to date.