LandBridge price target raised to $65 from $55 at Piper Sandler

Piper Sandler raised the firm’s price target on LandBridge (LB) to $65 from $55 and keeps a Neutral rating on the shares following Q3 results, the 1918 Ranch acquisition which brings $20M of EBITDA in FY26, and the subsequent debt refinancing. The firm notes the company delivered Q3 results that were in line with consensus estimates driven by a 9% sequential increase in produced water royalty volumes. For FY25, the company narrowed adjusted EBITDA guidance to $165M-$175M, with the midpoint of $170M unchanged.