Alliance Global Partners lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $55 from $70 and keeps a Neutral rating on the shares. The company announced three incremental tenants defaulting on rent, the analyst tells investors in a research note. The firm expects Innovative to recoup a portion of lost rent, but says the timing remains uncertain, along with the potential for incremental tenant issues amid the challenged cannabis environment.
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