UPDATE: Bank Of America Downgrades National Retail Properties On Valuation

In a report published Tuesday, Bank of America analyst Juan C. Sanabria downgraded the rating on National Retail Properties NNN from Buy to Neutral, but reiterated the $37.00 price target. In the report, Bank of America noted, “NNN's portfolio of diversified net lease retail assets has provided the company with a stable and predictable income stream. Fundamentals are recovering and should lead to modest internal growth. The acquisition environment looks favorable, but may be impacted by rising interest rates, which could limit external growth with competition likely to keep cap rates sticky.” National Retail Properties closed on Monday at $37.15.