Plymouth Industrial REIT (PLYM) PT Raised to $24 at JPMorgan

JPMorgan analyst Michael Mueller raised the price target on Plymouth Industrial REIT (NYSE: PLYM) to $24.00 (from $23.00) while maintaining a Underweight rating.

The analyst comments "Following 2Q results and the recent Sixth Street transaction news, we are updating our model. We are increasing our PLYM-defined CFFO estimates from $1.85 to $1.88 for 2024 and from $2.00 to $2.04 for 2025. We are also introducing a $2.17 2026 CFFO estimate. Recall that as part of the Sixth Street transaction, management noted that it would only treat the cash dividends tied to the pending preferred stock issuance as PLYM-defined CFFO/AFFO headwinds, ignoring the PIK dividend components. We previously noted that proposed accounting treatment makes little sense to us, and we still think that management may re-consider this approach to what it includes in its CFFO/AFFO definitions. As such, our 2024-2026 CFFO/share estimates would be ~$1.86, ~$1.95, and ~$2.08/share if we did not ignore the PIK distributions and treat them as an actual earnings headwind."

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