Piper Sandler analyst Alexander Goldfarb raised the firm’s price target on Innovative Industrial Properties to $103 from $85 and keeps a Neutral rating on the shares. While the outlook for cannabis is improving, based on the likelihood for HHS to downgrade this drug to schedule 3 from schedule 1, which will allow operators to take advantage of normal course tax deductions, the reality for Innovative Industrial Properties remains a still cautious investment market where capital remains precious, the firm notes.
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