Innovative Industrial Properties

IIPR · NYSE

$52.77+$1.16 (+2.25%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $51.61

IIPR analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold1
Underperform1
Sell0

12-month price target · 6 analysts

Average $65.79 (+24.7% upside)

Low: $51.51
Now: $52.77
High: $94.50

Upgrades and downgrades

The latest rating actions, newest first

IIPR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Oct 14, 2026	Initiates	Buy	$56.25	54%
Piper Sandler	Oct 12, 2026	Maintains	Underweight	$51.00 → $44.00	44%
Piper Sandler	Jul 21, 2026	Maintains	Underweight	$45.00 → $51.00	44%
Compass Point	Mar 3, 2026	Upgrade	Sell → Neutral	$45.00	48%
Piper Sandler	Feb 25, 2026	Maintains	Underweight	$44.00 → $45.00	44%
Piper Sandler	Nov 5, 2025	Maintains	Underweight	$43.00 → $44.00	44%

The case for and against

Updated Apr 28, 2026

Bull case

Innovative Ind Props is projected to see a boost in earnings thanks to better pricing on the LOC used to fund its IQHQ investment, and its recent initiatives to crackdown on illicit sales in retail locations highlight its potential for growth. However, potential overcapacity issues in both the cannabis and life science sectors and concerns over its investment in IQHQ raise downside risk concerns. While management's goal is to fill the earnings gap and deliver solid returns, any delays or additional capital needed for IQHQ could impact its success.

Bear case

Innovative Ind Props is facing residual issues from a steady stream of tenant defaults, which will likely continue to drive up legal costs, as seen with the recently opened SEC investigation. New supply for the company is unlikely as seen through the low second generation TI's and the tough-to-pencil development of new facilities for state-licensed operators, driving tenants to existing space and limiting potential for growth.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.