Lucid Capital markets Starts Gladstone Land (LAND) at Neutral

Lucid Capital markets analyst Craig Kucera initiates coverage on Gladstone Land (NASDAQ: LAND) with a Neutral rating and a price target of $15.00.

The analyst comments "We are initiating coverage of Gladstone Land Corporation (LAND) with a Neutral rating and a $15 price target. LAND is an agricultural REIT with ~112,000 acres of farmland located primarily in California and Florida, with its farmer tenants focused predominantly on fresh produce and permanent crops. Given LAND’s exposure to some permanent crop types which are facing pricing pressure due to elevated supply and diminished margins, we believe LAND’s shares are fairly valued, trading at 79% of our $17.20 NAV estimate and at 30x our 2025E AFFO, vs. its peer group of farmland and timberland REITs trading at 83% and 27x, respectively. Our $15 price target is 87% of our $17.20 NAV/share estimate and represents 33x 2025E AFFO."

For an analyst ratings summary and ratings history on Gladstone Land click here. For more ratings news on Gladstone Land click here.

Shares of Gladstone Land closed at $13.55 yesterday.

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