Jefferies initiates coverage on W.P. Carey with 'buy', shares rise

** Shares of REIT W.P. Carey WPC.N rise more than 1% to $67

** Jefferies initiates coverage on stock with "buy" rating; PT at $73, implying a 10% upside to stock's last close

** Says 5 years of restructuring have transformed WPC into a scaled, diversified and focused net lease REIT

** Expects net lease sector valuations to recover as elevated investment pipelines drive stronger growth

** 7 of 15 brokerages rate the stock "buy" or above, 7 "hold" and 1 "sell", median PT at $80 - data compiled by LSEG

** Including session moves, shares up about 4% YTD