Gladstone Land initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Gladstone Land with a Buy rating and $16 price target. The company is a real estate investment trust that owns farmlands and facilities related to farmlands with a primary focus on annual fresh produce and permanent crops, the analyst tells investors in a research note. The firm cites Gladstone’s strong balance sheet with liquidity and fixed rate debt, history of increasing common dividends and discounted valuation for the Buy rating. While there has been a slowdown in acquisitions due to higher interest rates and high farm values, a long-term consolidation opportunity remains in farmland, says Alliance Global.