Americold Realty Trust initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of Americold Realty Trust with a Sector Perform rating and $27 price target. The firm says that despite the stock’s discounted valuation versus history and expected better than peer average earnings growth in 2024, it will remain on the sidelines until management can establish a better track record for executing on guidance. Americold set attainable goals this year, but the stock’s current valuation is justified due to its recent guidance versus consensus misses, earnings volatility, and negatively trending throughput on consumer the pullback, the analyst tells investors in a research note.