Piper Sandler analyst Alexander Goldfarb lowered the firm’s price target on Innovative Industrial Properties to $120 from $140 and keeps an Overweight rating on the shares. While tenant credit issues will likely always be part of the cannabis market, Innovative is moving towards the larger operators, adding cross default language to its leases, and re-assessing the competition from the illicit market to improve its portfolio profile, the analyst tells investors in a research note.
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