Gladstone Land price target raised to $10 from $9 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Gladstone Land (LAND) to $10 from $9 and keeps a Neutral rating on the shares. The firm notes the company reported Q3 results, with Core FFO/share that was 8c higher than its estimate and 7c higher than consensus. There have been lease amendments that have converted fixed rents into participation rents on a few farms, and management has seen an improvement in prices of almonds and pistachios which is a positive for the farms with lease amendments. Management remains cautious in the acquisition market due to high cost of capital and lower cap rates, the firm adds. As of Q3, there was liquidity of $171.6M.