Alliance Global Partners lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $70 from $74 and keeps a Neutral rating on the shares after the company recently announced that its largest tenant, PharmaCann, defaulted on its March rent. Debt maturity concerns that may have been partially alleviated by the resolution and Cannabist refinancing its debt will now remain heightened amid PharmaCann’s second default, the analyst tells investors.
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