Radius Global Infrastructure (RADI) PT Lowered to $17 at Raymond James

Raymond James analyst Ric Prentiss lowered the price target on Radius Global Infrastructure (NASDAQ: RADI) to $17.00 (from $21.00) while maintaining a Strong Buy rating.

The analyst commented, "We reiterate our Strong Buy rating on shares of RADI, but lower target price to $17, as we adjust our estimates for continued movements in FX rates and the impact on RADI’s 84% non-USD portfolio, as well as higher interest rates assumed on future debt raises at RADI. Still, we feel the recent sell-off in shares (down >35% since mid-August) is overdone even given FX and interest rate movements, especially considering RADI’s natural hedges against FX headwinds, as well as our belief that the company will fund continued acquisitions at attractive yield spreads. We view the sell-off largely as a function of these macro events, especially given that RADI fits into several style boxes that have been hit especially hard in the market sell-off (e.g., SMID-cap, growth, higher-levered, international exposure, SPAC background, low trading volume/under-followed stocks)."

We do not think the accretive acquisition machine will stop, and see substantial value in RADI
shares, with RJE 41% 2022-24 CAGR from in Valuation FCF per share (proxy for AFFO/share).'

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