NNN REIT

NNN · NYSE

$41.59+$0.73 (+1.79%)TodayMarket closed · Oct 20, 7:55 PM ET

Prev close $40.86

NNN analyst rating

HoldConsensus of 13 analysts over the last 12 months. 8% rate it a buy.

Strong buy0
Buy1
Hold10
Underperform2
Sell0

12-month price target · 18 analysts

Average $48.64 (+17.0% upside)

Low: $45.45
Now: $41.59
High: $53.55

Upgrades and downgrades

The latest rating actions, newest first

NNN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 20, 2026	Maintains	Underweight	$47.00 → $43.00	38%
Wells Fargo	Oct 19, 2026	Maintains	Equal-Weight	$47.00 → $43.00	48%
Truist Securities	Oct 2, 2026	Initiates	Hold	$45.00	54%
Morgan Stanley	Sep 21, 2026	Upgrade	Equal-Weight → Overweight	$50.00	56%
Evercore ISI Group	Sep 21, 2026	Maintains	In-Line	$48.00 → $47.00	27%
Barclays	Sep 4, 2026	Maintains	Underweight	$45.00 → $47.00	38%
Wells Fargo	Sep 1, 2026	Maintains	Equal-Weight	$49.00 → $47.00	51%
B. Riley Securities	Aug 12, 2026	Maintains	Neutral	$46.00 → $47.50	48%
RBC Capital	Aug 6, 2026	Maintains	Sector Perform	$44.00 → $47.00	38%
Evercore ISI Group	Aug 6, 2026	Maintains	In-Line	$46.00 → $48.00	27%

The case for and against

Updated Oct 16, 2026

Bull case

NNN REIT is supported by improving earnings power, with 2026E core FFO/sh raised to $3.55 and AFFO/sh to $3.59, while 2028E core FFO/sh and AFFO/sh are modeled at $3.70 and $3.76, respectively. Its outlook is further strengthened by healthy portfolio execution, including 1Q26 occupancy of 98.6%, bad debt of just 15 bps of quarterly ABR, and progress reducing vacant assets to 53 while maintaining an 8.5-year average lease term. The stock also appears attractively valued at 12.6x/12.4x 2026E/2027E AFFO/sh, a discount to peers, while a raised reNAV/sh estimate of $45.50 and active acquisition visibility support confidence in future cash flow growth.

Bear case

NNN REIT is exposed to outsized tenant concentration risk in restaurants, so any slowdown in visitation, spending, or higher operating costs could drive defaults, weaken NOI and cash flow, and pressure dividend coverage. Its relatively lower-than-average investment grade weighting adds credit risk, while a freeze in debt markets or higher interest rates could raise refinancing costs, force asset sales, or lead to dilutive equity issuance, all of which would impair earnings growth. Competition for net lease assets, inflation sensitivity, and the possibility of vacancies or failed lease renewals further limit acquisition spreads and portfolio expansion, making the stock less attractive despite its stable net lease model.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.