Keel Infrastructure price target raised to $5.50 from $3.70 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Keel Infrastructure (KEEL) to $5.50 from $3.70 and keeps a Buy rating on the shares after management reiterated on the company’s earnings call that Keel remains on track to receive final land development and environmental permits by mid-to-late Summer for its Panther Creek, Sharon, and Moses Lake sites. The firm sees these as the last key milestones standing in the way of Keel being able to execute multiple data center lease contracts with prospective tenants. After receiving all requisite permits, Wainwright believes Keel will be able to expeditiously secure multiple leases across customer segments, given “incredibly strong” demand for the company’s data center campuses, which are located in some of the most desirable data center markets in the country, with lease negotiations with multiple counterparties already underway.