Wolfe Research analyst Andrew Rosivach downgraded Innovative Industrial Properties (IIPR) to Peer Perform from Outperform and removed the firm’s price target on the shares. Wolfe says that recent share price outperformance places the stock near the midpoint of its sensitivity analysis, which the firm’s prior price target was based upon, implying fair value given ongoing cannabis industry pressures. Overall, Wolfe finds the stock near its fair value given associated risks.
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