Terreno Realty downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Terreno Realty (TRNO) to Neutral from Overweight with a price target of $61, down from $78. The firm believes industrial real estate investment trusts “will be the most in flux” from last week’s tariff announcement. Trump’s tariff actions completely upend global and domestic trade, given how intertwined imported goods are in U.S. consumption, the analyst tells investors in a research note. Piper thinks the impact is most pronounced in industrials, “as it’s easy to see tenants delay decisions given sourcing and pricing uncertainty.”