Cold storage REIT Lineage rises as IPO banks weigh in after research quiet period ends

Lineage

19/08/2024 14:35

** Lineage Inc's  LINE.O  shares up 2.1% at $85.75 early Mon
as analysts at investment banks which underwrote cold-storage
warehouse firm's IPO initiate coverage
    ** LINE shares on Jul 25 closed at $80.78, 3.6% above $78
IPO price in debut after PE-backed co raised $4.4 bln in biggest
new listing of 2024
    ** JP Morgan, one of IPO's lead bookrunners, starts at
"overweight" with $93 PT
    ** Core growth muted in 2024 largely due to industry
headwinds tied to lower throughput volumes (TPVs) and occupancy
levels, but could step up in 2025/2026 with improving
fundamentals, JPM writes in note
    ** RBC initiates at "outperform" with $94 PT, saying
believes LINE will be able to leverage its platform, tech
initiatives, and scale to drive efficiencies within the in-place
portfolio and source accretive acquisitions
    ** Wells Fargo slaps "equal weight" rating on LINE with $86
PT, saying risk/reward balanced at current levels and pointing
to "soft industry backdrop"
    ** Bullish ratings include BofA Global Research, Truist,
KeyBanc and Piper Sandler, while those in neutral camp include
Deutsche Bank, Evercore and Mizuho
    ** LINE shares have traded as high as $89.85 (Jul 31)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))