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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PLYM:
- Plymouth Industrial REIT price target raised to $21 from $18 at Truist
- Plymouth Industrial downgraded to Market Perform at Citizens JMP
- Why Is Plymouth Industrial REIT Stock (PLYM) Up 40% Today?
- Home Depot reports Q2 results, SoftBank invests $2B in Intel: Morning Buzz
- Morning News Wrap-Up: Tuesday’s Biggest Stock Market Stories!