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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TRNO:
- Terreno Realty sells industrial property in California for $16.9M
- Terreno Realty reports Q4 occupancy 97.4% vs. 97.0% in Q3
- Terreno Realty price target lowered to $66 from $67 at Baird
- Terreno Realty price target lowered to $73 from $87 at Jefferies
- Terreno Realty acquires industrial property in New York for $50.1M
Questions or Comments about the article? Write to editor@tipranks.com