Store Capital Gets a Hold Rating from B.Riley FBR

By Carrie Williams

In a report released today, David Corak from B.Riley FBR reiterated a Hold rating on Store Capital (NYSE: STOR), with a price target of $26. The company’s shares closed yesterday at $23.73.

Corak said:

“While there was certainly nothing fancy about the quarter, even an in-line result this earnings season from a retail/service oriented REIT seems to be a win. The fact that STORE Capital ( STOR) beat on AFFO by a penny is just that, a win that speaks to the strength of the portfolio and strategy. Management reiterated its previously announced guidance range, which is one penny above the street for 2018 AFFO. The company’s acquisition pipeline has grown nearly 40% since the end of 2017 as the company is seeing better penetration of the market. Additionally, STORE increased its occupancy 10bps to 99.6% during the quarter, its highest level since 2Q16, which we believe lends itself to management’s portfolio management expertise. The portfolio seems healthy and the headline risk of major tenant credit concerns appears to be a non-issue this year, unlike last year with Gander. We reiterate our Neutral rating and $26 PT.”

According to TipRanks.com, Corak is ranked 0 out of 5 stars with an average return of -3.8% and a 34.6% success rate. Corak covers the Financial sector, focusing on stocks such as National Storage Affiliates Trust, Preferred Apartment Communities, and NorthStar Realty Europe Corp.

Store Capital has an analyst consensus of Moderate Buy, with a price target consensus of $26.67.

Based on Store Capital’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $120 million and quarterly net profit of $37.18 million. In comparison, last year the company earned revenue of $102 million and had a net profit of $28.12 million.

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STORE Capital Corp. operates as an internally managed net-lease real estate investment trust. The firm engages in the acquisition, investment, management, and ownership of Single Tenant Operational Real Estate properties. The company was founded by Mary Fedewa, Morton H. Fleischer, Christopher H. Volk, Catherine Long, Michael J. Zieg, and Michael T.