Gladstone Land transferred with Neutral rating at B. Riley

B. Riley put a Neutral rating on Gladstone Land with a $16 price target following a transfer of coverage. The company has been able to repay maturing debt rather than refinance at dilutive interest rates, and it retains some near-term optionality around further debt repayment or investments if cap rates expand, the analyst tells investors in a research note. However, the firm sees potential headwinds for farming tenants from a moment in the interest rate cycle where “stubbornly higher interest rates may coincide with moderating crop inflation.”