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Innovative Industrial Properties’ Consensus Target Price Rose

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Jun. 26 2019, Updated 8:57 a.m. ET

Innovative Industrial Properties

Innovative Industrial Properties (IIPR) has seen some of the strongest momentum in June. The stock has gained almost 54%. On June 25, the stock rose 5.9%. Let’s discuss the consensus target price and ratings Innovative Industrial Properties in June.

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Consensus target price

The consensus target price for Innovative Industrial Properties in June is $154, which is a significant increase from $85 in May. On June 18, Compass Point upgraded Innovative Industrial Properties’ rating to a “buy” and increased the company’s target price to $160 from $70.

Analysts’ ratings

Currently, Innovative Industrial Properties has a very limited number of analysts covering the stock. Among the three analysts, two recommended a “strong buy” on the stock for the next 12 months, while one recommended a “hold.” Canopy Growth received coverage from ~20 analysts, while Aurora Cannabis received coverage from ~14 analysts. A higher number of analysts increases the reliability of the consensus ratings.

Canopy Growth (WEED) has traded almost flat in June. Aurora Cannabis (ACB) has also traded flat in June. The ETFMG Alternative Harvest ETF (MJ) has traded sideways in June.

Recently, the weakness in the cannabis market was fueled by Canopy Growth’s lackluster earnings. To learn more, read Key Takeaways from Canopy Growth’s Q4 Earnings Call.

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