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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DLR:
- Digital Realty price target raised to $108 from $100 at Morgan Stanley
- Digital Realty price target raised to $158 from $145 at Truist
- Digital Realty price target raised to $119 from $110 at Barclays
- Digital Realty, Mitsubishi form joint venture to form two data centers in Dallas
- Digital Realty and Mitsubishi Corporation Form Data Center Development Joint Venture