Citi analyst Craig Mailman maintained a Hold rating on Terreno Realty yesterday and set a price target of $58.00.
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Craig Mailman has given his Hold rating due to a combination of factors surrounding Terreno Realty’s recent performance and market conditions. The company’s leasing activity shows signs of improvement, with management indicating a return to a normal operating environment. However, despite these positive developments, there are still challenges, such as the softness in southern California and the Kent Valley in Seattle, which temper the overall outlook.
Furthermore, while the cash rent spread for the third quarter was strong at 17.2%, it was negatively impacted by a significant lease roll down in Seattle. The company’s acquisition volumes are on track to meet projections, yet the broader national market rent growth may take time to materialize. These mixed signals contribute to the decision to maintain a Hold rating, as the potential for growth is balanced by existing market uncertainties.
In another report released today, Barclays also maintained a Hold rating on the stock with a $57.00 price target.
TRNO’s price has also changed slightly for the past six months – from $53.400 to $58.370, which is a 9.31% increase.