Lineage Inc (LINE) PT Raised to $42 at Scotiabank

Scotiabank analyst Greg McGinniss raised the price target on Lineage Inc (NASDAQ: LINE) to $42.00 (from $39.00) while maintaining a Sector Perform rating.

The analyst commented: "We believe that underlying consumer demand remains soft, which continues to pressure both economic occupancy and throughput for cold storage REITs. Recent data updates reinforce this cautious stance: Q1/26 QTD Placer.ai foot traffic is down 2.6% y/y for COLD and 9.1% y/y for LINE, while January USDA data showed a sharper than historical m/m inventory decline (-0.6% vs. a -0.1% long-term average, Exhibit 7).

Reflecting these challenging throughput/inventory trends, we are assuming weaker-than-historical seasonality for Q1/26, modeling q/q economic occupancy declines of -3.25%/-2.75% for COLD/LINE (steeper than the typical USDA-implied seasonality of -2.30%/-2.00%), resulting in $0.29/$0.71 Q1/26E AFFOPS for COLD/LINE, in line with consensus estimates. Until definitive data shows a reversal in these trends, we remain on the sidelines. Key indicators we follow include (1) USDA cold storage stockpile trends running ahead of historical averages, as a proxy for higher economic occupancy and (2) y/y changes in foot traffic, as a proxy for throughput."

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