LandBridge price target lowered to $55 from $70 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on LandBridge (LB) to $55 from $70 and keeps a Neutral rating on the shares. The firm is also reducing its estimates based on the revised guidance. LandBridge delivered Q2 results that were in line with Piper and consensus’ estimates on 8% revenue growth. FY25 EBITDA guidance for FY25 is now $160M-$180M, down from prior $170M-$190M, due to timing on the solar deal, Piper adds.