Innovative Industrial Properties (IIPR) PT Lowered to $190 at Roth Capital, '7.25% Yield Makes Compelling Buy'

Roth Capital analyst Scott Fortune lowered the price target on Innovative Industrial Properties (NYSE: IIPR) to $190.00 (from $250.00) while maintaining a Buy rating.

The analyst comments "We continue to believe IIP remains well-positioned within the federal status quo regulatory backdrop, but also anticipate continued growth and additional leverage even with SAFE banking passage. While we expect a solution to Kings Garden, we conservatively removed future rent. As a result we lowered '22/'23 Revs & AFFO/sh to $276.5/$8.24 and $330.5/$9.50. We lowered our PT to $190, using a 20x fwd multiple. Trading at 10.1x P/AFFO on our '23 AFFO/sh estimate, we reiterate our Buy rating and the compelling buying opportunity with a 7.25% yield."

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