Digital Realty price target raised to $170 from $155 at Wells Fargo

Wells Fargo analyst Eric Luebchow raised the firm’s price target on Digital Realty to $170 from $155 and keeps an Overweight rating on the shares. Data center demand was solid in Q2, albeit not at records, although demand should re-accelerate again in the second half of 2024, the analyst tells investors in a research note. The firm heard that hyperscale leasing slowed a bit in Q2 after a record Q1, but says the stage is set for a “massive” second half of the year, with “multiple” gigawatt deals in the pipeline.