Mizuho initiated coverage of Digital Realty with an Outperform rating and $170 price target. The analyst believes the company’s path to high single-digit earnings growth can sustain elevated valuation multiples. The firm sees 10% revenue growth for Digital Realty in fiscal 2025 and 2026, driven by steady occupancy gain and blended 6.5%-7.5% cash leasing spreads on average, above expectations. It also models in contribution from accretive external growth with stabilized yields above 12%.
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