In a report released today, Mitchell Germain from JMP Securities maintained a Buy rating on Getty Realty (GTY – Research Report), with a price target of $31.50.
Mitchell Germain has given his Buy rating due to a combination of factors surrounding Getty Realty Corp.’s solid financial performance and strategic management. The company reported earnings in line with expectations and demonstrated a strong balance sheet that supports potential for future growth. Despite a slight adjustment in price target due to a conservative outlook on capitalization rates, Germain acknowledges Getty Realty’s record deployment volumes and prudent capital management, emphasizing their ability to slow down as cost of capital increases while maintaining operational activity with positive lease renewals.
Germain’s confidence in Getty Realty is also bolstered by the company’s investment focus, which yields above-average returns through unique financing opportunities, and by management’s conservative yet effective balance sheet strategy. The company boasts a robust and underappreciated portfolio with high tenant rent coverage and strategically located properties. Additionally, Getty Realty’s diversified cash flows, extended lease terms with annual escalators, and a low risk of lease expirations contribute to the stability and growth prospects of the company, further justifying the Buy rating.
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Getty Realty (GTY) Company Description:
Getty Realty Corp. operates as a real estate investment trust. It engages in the acquisition, owning, selling, and leasing of convenience store and gas service station properties. The firm operates through the following brands: 76, BP, Citgo, Conoco, Exxon, Getty, Gulf, Mobil, Shell, Sunoco and Valero.The company was founded by Leo Liebowitz in 1955 and is headquartered in Jericho, NY.
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