Alliance Global Partners lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $55 from $70 and keeps a Neutral rating on the shares. The company announced three incremental tenants defaulting on rent, the analyst tells investors in a research note. The firm expects Innovative to recoup a portion of lost rent, but says the timing remains uncertain, along with the potential for incremental tenant issues amid the challenged cannabis environment.
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Read More on IIPR:
- Innovative Industrial Properties falls -13.1%
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- Innovative Industrial Properties price target lowered to $55 from $60 at Piper Sandler
- Sell Rating Issued for Innovative Industrial Properties Amid Tenant Defaults and Financial Challenges
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