Raymond James upgraded CTO Realty Growth (CTO) to Strong Buy from Outperform with a price target of $24, up from $22. The company reported “another beat and raise quarter” and more importantly, an active Q3 of higher than expected accretive external growth and a meaningful increase to the company’s market cap, which will broaden the potential investor base and could lead to index inclusions, the analyst tells investors in a research note. The firm expects to see additional accretive external growth that should continue to push estimates higher.
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