Barclays Downgrades Terreno Realty Corp (TRNO) to Equalweight

Barclays analyst Brendan Lynch downgraded Terreno Realty Corp (NYSE: TRNO) from Overweight to Equalweight with a price target of $60.00.

The analyst comments "TRNO to Equal Weight (from Overweight). Our ratings change is predominately based on valuation. TRNO remains one of the best managed REITs, in our judgment, with efficient operations, prudent capital spending, and attractive assets. That said, industrial assets face normalizing demand and MTM are coming down relatively quickly. We think it would be difficult for TRNO to achieve multiple expansion (and possibly even to maintain its current multiple) with the current challenges in the market, especially from the starting point of a peer-leading multiple already."

For an analyst ratings summary and ratings history on Terreno Realty Corp click here. For more ratings news on Terreno Realty Corp click here.

Shares of Terreno Realty Corp closed at $57.92 yesterday.

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