Alpine Income Property Trust (PINE) PT Raised to $20.25 at Stifel

Stifel analyst Simon Yarmak raised the price target on Alpine Income Property Trust (NYSE: PINE) to $20.25 (from $19.75) while maintaining a Buy rating.

The analyst commented: "With its release, PINE increased the company’s 2024 guidance. PINE now expects 2024 AFFO per share of $1.69-$1.71 (from $1.60-$1.64) or 14.1% growth at the midpoint. The Street was at $1.67. The company also increased its expectations for acquisitions to $100-$110 million (from $50-80 million), and increased its expectations for dispositions to $70-$75 million (from $50-80 million). Our 3Q NAV estimate of $21.50 reflects a 7.1% cap rate. Our 3Q NAV value range of $24.00-19.25 reflects a cap rate of 6.6%-7.6%. The company currently trades at an implied cap rate of 7.80%."

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