The S&P 500 is coming off its best week of 2024.
Several firms, including Goldman Sachs and Bank of America, initiated coverage of Lineage just a few weeks after the cold storage real estate investment trust went public in late July. Lineage went public on July 25 via an initial public offering, which was the largest IPO of the year . The company — the world's largest global temperature-controlled warehouse REIT — raised $4.4 billion at an implied valuation above $18 billion. Shares added about 3% on Monday.
'The primary drivers of growth in the cold storage industry are how much food is consumed overall, and what kinds of food consumers prefer. We believe LINE's own scale, market share, locations, and property quality will allow it to have some pricing power, driving revenue growth,' Goldman analyst Caitlin Burrows said in a Monday note, initiating coverage of the company with a buy rating and the most bullish price target among major firms at $105.
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