In a recently released analyst research report, BTIG Director and REIT analyst, Thomas Catherwood, just reiterated his Buy rating on shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) with a higher price target.
Raised from his January 2019 price target of $72.00 USD per share, Thomas Catherwood’s new price target of $101.00 USD per share implies a potential upside of approximately 13.74% based on the last traded price of $88.80 USD per share of IIPR on the NYSE.
Why Catherwood Raised His IIPR Price Target
According to TheFly, “BTIG analyst Thomas Catherwood raised his price target on Innovative Industrial Properties to $101 and kept his Buy rating, saying that while his prior research note in January expressed confidence in the company’s position as a “creative capital provider to the cannabis industry”, the “investor acceptance of the cannabis sector” was even better than anticipated. The analyst is also positive on the “funding sources available to Innovative Industrial Properties, and the management’s ability to source/execute deals”, both of which are evolving in a short period of time. With $144M convertible debt offering completed, Catherwood says Innovative Industrial Properties has even more capital to pursue acquisitions in spite of its existing $114M in liquidity.”
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