J.P. Morgan Maintains Underweight on Getty Realty (GTY)

J.P. Morgan is out with its report today on Getty Realty GTY, maintaining Underweight.

In a note to clients, J.P. Morgan writes, "Ultimately, the amount of rent GTY can generate from the assets will dictate valuation, and at this point it is unclear what fair rent would be. In our view, the fact that Marketing paid GTY its rent suggests that new ownership of Marketing may see value in the business if leases and/or other obligations can be renegotiated. We anticipate more details in the coming weeks from GTY management but in the meantime maintain our $22 target price and Underweight rating."

At the time of posting, shares of GTY were trading pre-market at $22.50, up 2.55% from Monday's close.