Lineage initiated with an Overweight at KeyBanc

KeyBanc analyst Todd Thomas initiated coverage of Lineage with an Overweight rating and $92 price target. Lineage owns and operates the largest global portfolio of temperature-controlled warehouses, notes the analyst, who sees potential for “a series of catalysts to materialize over the next several quarters” as a result of its “meaningfully upsized” IPO, which provides the company with lower leverage out of the gate and significant dry powder for capital deployment despite a difficult operating environment.