Lineage initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Lineage with an Outperform rating and $95 price target. The company deserves to trade at a multiple premium to the real estate investment trust sector average given its ability to generate higher returns on invested capital versus most other real estate asset classes, the analyst tells investors in a research note. The firm sees “multiple levers” for Lineage to create sustainable long-term funds from operations growth.