Barclays downgraded Terreno Realty (TRNO) to Equal Weight from Overweight with a price target of $60, down from $68. The firm cites valuation for the downgrade. The company’s industrial assets face normalizing demand and it will be difficult for Terreno to achieve multiple expansion with the current challenges in the market, “especially from the starting point of a peer-leading multiple already,” the analyst tells investors in a research note.
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