Lineage Inc (LINE) PT Lowered to $44 at Goldman Sachs

Goldman Sachs analyst Caitlin Burrows lowered the price target on Lineage Inc (NASDAQ: LINE) to $44.00 (from $48.00) while maintaining a Buy rating.

The analyst comments "Given investor focus on LINE’s occupancy and inventory trends, we review September USDA data (released on 10/23/26), compare the results with historical patterns, and assess how 2026 seasonality is developing. While monthly USDA data can be volatile and may differ from LINE’s reported results, September data was encouraging across both All Warehouses and Public Warehouses, with positive sequential inventory growth, while All Warehouses also posted solid year-on-year growth. As discussed in our note published 3/20/25 (see Exhibit 3 here) and refreshed below, we believe that USDA data can be a proxy for LINE inventory levels/occupancy but also acknowledge that USDA data and LINE's own results may end up differing. Two drivers of the difference are commodity mix and the impact of competitive supply (relevant to LINE's occupancy but not to the industry as a whole). We lower our 12-month price target to $44.00 from $48.00 based on an updated Q5-Q8 AFFO target multiple of 16.4x (from 17.4x). The shift in our target multiple reflects the change in our Q5-Q8 AFFO estimates, and the refreshed relationship (including market movement) between REIT growth rates and NTM AFFO multiples (to get the corresponding merited multiple). LINE currently trades at 15.5x GS NTM AFFO."

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