LandBridge price target lowered to $75 from $85 at Raymond James

Raymond James lowered the firm’s price target on LandBridge (LB) to $75 from $85 and keeps an Outperform rating on the shares. LandBridge is a unique play on economic development in the Delaware Basin, the analyst tells investors in a research note. LandBridge’s financial optionality makes “roll-up” M&A realistic in the still quite fragmented West Texas land market, along with moderate dividend growth, and while valuation is tricky given limited comps and newer business type, the strong growth profile and core land value supports the stock, the analyst tells investors in a research note.