Millrose Properties initiated with an Outperform at Citizens JMP

Citizens JMP initiated coverage of Millrose Properties (MRP) with an Outperform rating and $40 price target The firm sees value being extracted by the company as homebuilders transition to land-light models. Millrose is the first publicly traded real estate investment trust focused solely on providing land-banking services, the analyst tells investors in a research note. Citizens believes the company will generate “outsized returns” as homebuilders have limited institutional quality capital partner options to fund the industry-wide transition to become land light.