Raymond James Starts Radius Global Infrastructure (RADI) at Outperform
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Raymond James analyst Ric Prentiss initiates coverage on Radius Global Infrastructure (NASDAQ: RADI) with an Outperform rating and a price target of $18.00.
The analyst commented, "We are initiating coverage on Radius Global Infrastructure, Inc. (RADI) with an Outperform rating and $18 target price. RADI is a real estate (but not REIT) company that aggregates telecom infrastructure leases (primarily land under cell towers and rooftops), with an in-place portfolio of >7K leases across >5K sites that provide stable, recurring, and steadily growing cash flows. Given the placement of towers on the land and the mission critical nature of network infrastructure to MNOs, RADI's portfolio sees exceptionally low churn with pricing power through escalators and lease-up. Moreover, RADI has a platform of ~150 origination specialists across its 19 country footprint who drive additional growth through acquisition (1.3K sites at YE14 to 5.4K at YE20, 27% CAGR) in a market with extremely low concentration (>5M sites worldwide). This creates the potential for virtually perpetual accretive growth, both in the land/rooftop market and in the broader telecom infrastructure space."
Shares of Radius Global Infrastructure closed at $15.24 yesterday.
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