Wells Fargo upgraded Digital Realty to Overweight from Equal Weight with a price target of $155, up from $135. The analyst sees multiple catalysts for the company, including a pick-up in leasing volumes, development yields moving to over 10%, and upside to the company’s 2024 guidance. Digital Realty can accelerate leasing volumes in 2024 and the bottlenecks in construction from utility transmission are unlikely to abate for years, providing some sustainability to pricing, the analyst tells investors in a research note. The firm says it is “time to join the AI crowd” and buy the stock.
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