UPDATE: Morgan Stanley Resumes Coverage on Spirit Realty Capital on Improving Growth Profile

In a report published Tuesday, Morgan Stanley analyst Vikram Malhotra resumed coverage on Spirit Realty Capital SRC with an Overweight rating and $11.00 price target. In the report, Morgan Stanley noted, “Spirit Realty is well positioned to deliver strong FFO growth through higher than anticipated acquisition volume, and its steep discount to peers is unwarranted in our view. Post its merger with Cole II, the company has a quality portfolio, reduced tenant concentration and an attractive 7% yield.” Spirit Realty Capital closed on Monday at $9.18.