Wells Fargo downgraded Terreno Realty (TRNO) to Equal Weight from Overweight with a price target of $75, up from $71. The analyst continues to favor “supply-constrained” markets and small size segments amid easing demand for the industrial real estate investment trusts. Given relative share performances along with the potential for a deteriorating perception of port markets, Wells upgraded EastGroup (EGP) and downgraded Terreno. The firm continues to view Terreno’s overall portfolio and strategy favorably, but sees less share upside from current valuation levels and has some concerns about increasing tariffs.
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