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FBR Capital Markets & Co. initiates coverage of Global Net Lease at 'market perform'

FBRCapital Markets & Co. analyst David Corak initiated coverage of with a ratingof "market perform," and a price target of $8.15.

The analyst wrote in a research report: "In today'syield-thirsty and capital-hungry environment, we tend to like GNL's strategy,which gives the company access to multiple debt markets and allows it to playinvestment cycles in several markets. On the property level, we believe theportfolio is considerably undervalued today. Likewise, the company has takennumerous steps in the right direction but still has hurdles ahead of it. We believeGNL is currently in a holding pattern and will continue to trade at a discountto a comparable internally advised peer with a better structured balance sheetand no reputational risks. All else equal, we would become more constructive onthe stock once the ARC Global II transaction closes at the current offer price,the company completes its restructuring goals over the following three to sixmonths, and the valuation gap remains comparable. If all goes to plan, thecompany could have a bright future."