Piper Sandler lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $60 from $70 and keeps an Underweight rating on the shares. The firm says that Friday’s post-close 8k disclosure that PharmaCann defaulted a second time in less than 3 months, coupled with declining profitability facing the cannabis industry, reaffirms Piper’s view consolidation is critical to reduce capacity.
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