Terreno Realty initiated with a Neutral at Citi

Citi initiated coverage of Terreno Realty with a Neutral rating and $63 price target. The company should benefit from long-term positive tailwinds, but Citi recently pivoted toward portfolios with nearshoring/onshoring exposure and away from coastal concentrations, the analyst tells investors in a research note. The firm cites Terreno’s premium valuation and likely moderation in second half of 2023 acquisitions for the Neutral rating.