Janney sees continued upside for LandBridge, starts with a Buy

As previously reported, Janney Montgomery Scott analyst Sean Milligan initiated coverage of LandBridge with a Buy rating and $36 fair value estimate. Shares have significantly outperformed since the late June IPO, returning approximately 70% to investors, but the firm sees continued upside as management executes on growth plans that primarily include ramping utilization on water handling infrastructure and progressing forward a “significant AI data center opportunity in coming periods,” the analyst tells investors.