FPI - Strong Farm Income and Asset Appreciation Makes Farmland Partners Attractive Says Analyst | Benzinga
Raymond James analyst Buck Horne reiterated an Outperform rating on the shares of Farmland Partners Inc (NYSE: FPI) and raised the price target from $14 to $15.
Though agricultural commodity prices have fallen about 10% year-over-year (per USDA data), U.S. farmers continue to enjoy strong farm-level profitability, says the analyst.
According to the analyst, 2023 is expected to rank as the third-highest year for farm income in the past decade.
Year-to-date, FPI has repurchased over 11% of its outstanding shares for $11/ share and announced a special dividend of $0.21/ share this month, making its next twelve-month yield at 3.5%.
The analyst believes FPI continues to ...