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