LandBridge (LB) PT Raised to $84 at Goldman Sachs

Goldman Sachs analyst John Mackay raised the price target on LandBridge (NYSE: LB) to $84.00 (from $69.00) while maintaining a Buy rating.

The analyst comments "We expect LandBridge (LB, Buy) management to outline a strong growth outlook at their Analyst Day next week. At LB's first analyst day since its 2024 IPO, we expect the focus to be on: 1) the ratability of EBITDA on its >315k surface acre position in the core of the Delaware Basin (notably its control of increasingly scarce produced water disposal capacity); 2) sources of upside on its per-acre revenue metrics (termed SUEE); 3) the cadence of incremental acreage acquisitions; and 4) potential data center (DC) wins as it looks to enter the powered land market. We anticipate management to point to these drivers allowing them to repeat their ~20% growth guidance for 2026 consistently going forward; our model reflects a ~14% EBITDA CAGR 2025-30, pre-M&A. Most important for us is incremental detail on SUEE growth - how to bridge from the ~$0.7k/acre level currently to their ~$3k/acre SUEE goal - to help justify the premium multiple. On DCs, we do not expect material announcements but would look for an update of prior revenue/GW assumptions. Separately, we refresh our estimates following 4Q25, moving EBITDA ~3% higher going forward. We remain Buy rated and increase our PT to $84 (from $69 prior)."

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