UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Spirit Realty Capital on New SOTP

In a report published Wednesday, Morgan Stanley analyst Vikram Malhotra reiterated an Equal-Weight rating on

, and raised the price target from $11.00 to $12.00. In the report, Morgan Stanley noted, “SRC's recent capital activity provides options to reduce its high Shopko concentration which has been a concern among investors. Our new SOTP drives our $12 PT, and we are now incrementally more positive on the stock but remain Equal-weight given better risk-reward elsewhere.” Spirit Realty Capital closed on Tuesday at $11.31.