RBC Capital downgraded Americold Realty Trust (COLD) to Sector Perform from Outperform with a price target of $13, down from $17. The firm’s new outlook reflects the ongoing macro uncertainty that continues to pressure the space, which is making it difficult to predict the near-term operating metrics, earnings trend, and when the market could inflect higher, the analyst tells investors in a research note. RBC maintains its view that the REIT trades at a discounted valuation likely well below replacement cost, but also believes that this gap will likely not meaningfully narrow until the broader market conditions stabilize.
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