Broadstone Net Lease

BNL · NYSE

$17.76+$0.10 (+0.57%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $17.66

BNL analyst rating

BuyConsensus of 10 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy6
Hold4
Underperform0
Sell0

12-month price target · 10 analysts

Average $23.57 (+32.7% upside)

Low: $20.20
Now: $17.76
High: $27.30

Upgrades and downgrades

The latest rating actions, newest first

BNL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 2, 2026	Upgrade	Hold → Buy	$22.00 → $21.00	54%
Goldman Sachs	Aug 3, 2026	Maintains	Buy	$23.00 → $26.00	35%
Cantor Fitzgerald	Jul 31, 2026	Maintains	Overweight	$22.00 → $24.00	40%
BMO Capital	Jul 13, 2026	Maintains	Outperform	$24.00 → $26.00	47%
Keybanc	Jul 9, 2026	Maintains	Overweight	$20.00 → $24.00	29%
BTIG	Jun 26, 2026	Maintains	Buy	$21.00 → $23.00	53%
Citizens	Jun 12, 2026	Downgrade	Market Outperform → Market Perform	—	44%
Cantor Fitzgerald	May 4, 2026	Maintains	Overweight	$21.00 → $22.00	40%
UBS	Mar 9, 2026	Maintains	Neutral	$19.00 → $20.00	45%
Cantor Fitzgerald	Feb 24, 2026	Maintains	Overweight	$20.00 → $21.00	40%

The case for and against

Updated Oct 14, 2026

Bull case

Broadstone Net Lease is well positioned for attractive fundamental growth because its $303M build-to-suit project with a Fortune 20 investment-grade tenant secures a 15-year lease with 3% annual escalators and an initial cash yield of 8.5%, rising to 9.7% in year two. The transaction should begin contributing rent in March 2027, add about $5.1M of incremental AFFO, and lift FY27 AFFO/sh growth to 6.4% from 4.5%, while also supporting BNL’s 2026 investment volume guidance of $500M-$625M. Management’s ability to execute, its embedded future development optionality, and a healthy tenant credit picture with no bad debt registered in 1Q26 reinforce a constructive outlook.

Bear case

Broadstone Net Lease is exposed to several fundamental risks that weaken its outlook, including concentrated exposure to industrial demand, dependence on accretive acquisitions, and limited build-to-suit industrial development opportunities that could constrain future earnings growth. Its net-leased model also faces earnings pressure from tenant vacancies and rising tenant credit risk during any economic slowdown, which could impair rent collection and reduce revenue stability. In addition, a rising and volatile interest rate environment may increase financing costs and reduce external growth expectations, while weaker transaction activity or less acquisition financing could limit expansion at attractive spreads.

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