UBS Lifts NNN REIT Price Target while Keeping Neutral Stance

NNN REIT, Inc. (NYSE:NNN) is included among the 14 Quality Stocks with Highest Dividends.

UBS Lifts NNN REIT Price Target while Keeping Neutral Stance

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On March 9, UBS raised its price recommendation on NNN REIT, Inc. (NYSE:NNN) to $45 from $43. It reiterated a Neutral rating on the shares.

During the Q4 2025 earnings call, CFO Vincent Chao said the company had introduced its 2026 guidance. It expects AFFO per share in the range of $3.52 to $3.58 and core FFO per share between $3.47 and $3.53. He noted that the midpoint of the AFFO range points to about 3.2% year-over-year growth, compared with 2.7% growth in 2025. He explained that the outlook assumes around $600 million in acquisitions. These are expected to be funded in part through $130 million in dispositions, along with about $210 million in free cash flow and additional debt financing designed to keep leverage stable.

He also said the company included a 75-basis-point bad debt assumption, calling it a cautious starting point. CEO Stephen Horn added that cap rates have generally stabilized. Fourth-quarter levels were in line with the third quarter, and early 2026 trends are showing a similar pattern. He noted that there could be slight compression in cap rates as the year progresses.

NNN REIT, Inc. (NYSE:NNN) operates as a fully integrated real estate investment trust. It acquires, owns, invests in, and develops properties that are mainly leased to retail tenants under long-term net leases and are primarily held for investment.

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