RBC Capital Markets analyst Michael Carroll has downgraded Stag Industrial Inc (NYSE:STAG) to Sector Perform from Outperform and reduced the price target to $39 from $42. Despite the company reporting strong Q3 FY23 earnings, Carroll believes the positive outlook is already reflected in the current stock price. He expects STAG's cash lease spreads to continue to rise, but warns of higher debt costs, particularly with $300 million of notes maturing in Q1 FY25.