Broadstone Net Lease is rated a BUY at $17.23, targeting $20.19 for a 17.2% margin and a 6.8% dividend yield. BNL's investment thesis centers on stable AFFO growth, disciplined capital deployment, and a base case AFFO multiple of 13x, supporting a $20.30 valuation. Key risks include project delays, tenant credit quality, and refinancing exposure, with leverage and payout ratios closely monitored for downside triggers.

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