Lineage price target lowered to $55 from $60 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lineage (LINE) to $55 from $60 and keeps an Overweight rating on the shares as the market clearly had already priced in the likelihood of reduced guidance and the industry seems to be closer to the bottom of inventory levels, which points to upside. The upheaval of cold storage post-COVID was exacerbated by the about 25% inflation since 2021. The result is food companies are keeping inventory levels tighter than normal, with the summer ramp into the holidays retarded by a few months.