Millrose Properties initiated with a Buy at Citi

Citi initiated coverage of Millrose Properties (MRP) with a Buy rating and $30 price target The stock offers an 11% covered dividend yield with the potential for “considerable” multiple expansion, the analyst tells investors in a research note. The firm says this is supported by Millrose’s underlying land-banking business which offers double-digit unlevered returns secured by entitled-land and deposits.