BMO Capital analyst John Kim raised the firm’s price target on Plymouth Industrial REIT (PLYM) to $24 from $17 and keeps a Market Perform rating on the shares. The firm estimates Sixth Street’s offer at a 7.5% implied cap rate, which it sees as “fair” as it represents a 45.2% premium to Plymouth’s VWAP and 1.5% premium to consensus net asset value of $23.74, the analyst tells investors in a research note. There is the potential for Plymouth board to approve a 30-day go-shop period, but BMO believes that a competing bidder is unlikely, the firm added.
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