LandBridge reinstated with a Buy at Goldman Sachs

Goldman Sachs reinstated coverage of LandBridge (LB) with a Buy rating and $71 price target LandBridge is a pure-play in the emerging surface acreage management business in the Permian Basin, notes the firm, which remains “constructive” given the view that the company’s acreage is well-positioned to capture “still-solid” Permian activity, the company’s “unique business model” that allows for high free cash flow conversion and what it sees as “material upside opportunities” on its acreage.