Americold Realty Trust price target lowered to $27 from $31 at Raymond James

Raymond James analyst Jonathan Hughes lowered the firm’s price target on Americold Realty Trust (COLD) to $27 from $31 and keeps an Outperform rating on the shares. The tone regarding industrial demand at REITworld a few weeks ago was more muted from what was already a tepid message only a few weeks prior during Q3 earnings calls, the analyst tells investors in a research note. The firm remains constructive on Americold due to unique efficiency and productivity initiatives and greater operating leverage that will likely drive mid-to-high single-digit NOI growth next year, as well as its attractive valuation coupled with solid AFFO growth through 2026.