2023-07-11 09:16:22 ET
- Goldman Sachs launched coverage of Terreno Realty ( NYSE: TRNO ) with a Neutral rating, saying external growth appears set to reaccelerate next year.
- "In 2023, we expect same store NOI growth to continue to be strong, driven by high lease mark to markets, while current macro conditions limit acquisition opportunities," said analyst Caitlin Burrows.
- "We anticipate external growth will ramp up in 2024 as transaction volumes normalize and TRNO's Florida development comes online," she added.
- Goldman forecast Terreno's ( TRNO ) average FFO growth rate of 9.8% per year over 2023-2025.
- Price target was set at $65, implying 11.4% potential upside to TRNO's last close. Goldman noted that TRNO trades at an ~130% premium to its REIT coverage.
- While sell-side analysts are largely bullish on Terreno ( TRNO ), SA Quant rates the stock Hold .
- Earlier, Terreno Realty's ( TRNO ) portfolio occupancy slipped to 97.8% in Q2.
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Goldman initiates Terreno Realty at Neutral, sees external growth ramping up in 2024