IIPR - Wall Street Thinks Innovative Industrial Properties Will Hit $109 But Will It?
2023-06-27 05:45:00 ET
Despite the total return of its shares falling by 29% in the last 12 months, the analysts on Wall Street have high hopes for Innovative Industrial Properties (NYSE: IIPR) , with their average forward price target of $109 implying an upside of about 50% before June 2024. But for that to happen, the cannabis landlord will need to weather the headwinds that are battering its industry, not to mention convince potential investors that its future will be better for shareholders than its past.
So is Wall Street's aggregate prediction a pipe dream, or is it a well-grounded projection? Let's work through some of the relevant details and find out.
As a real estate investment trust (REIT) that rents space to cannabis companies so that they can cultivate their crops in dedicated facilities, Innovative Industrial is inextricably tied to the fortunes of the cannabis industry. Lately, those fortunes have been abysmal.
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Wall Street Thinks Innovative Industrial Properties Will Hit $109, But Will It?