KeyBanc Cuts Price Target on Terreno Realty (TRNO) Following Meeting With Management
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Price: $68.17 -0.34%
Rating Summary:
16 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
16 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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KeyBanc is reiterating its Buy rating on shares of Terreno Realty Corp (NYSE: TRNO), but is lowering its price target from $20 to $17.
The firm reports that it has recently hosted several management meeting with the company's CEO Blake Baird and CFO Mike Coke.
Some near-term headwinds that KeyBanc is facing includes a tight capital position a more competitive investment environment, an equity overhang, and a liquidity discount. The company has deployed $212 million since its IPO, which in turn has changed the firms thoughts on where the company stands.
An analyst at KeyBanc comments, "external growth could remain deliberate as management looks to avoid dilution and will likely be forced to grow in a more thoughtful manner with a long-term focus. We expect that progress on the leasing front will help unlock some value and any near-term announcements could prove to be catalysts that could help bridge the gap relative to NAV."
The firm has cut its 2011 EPS estimate from $0.13 to $0.05 and reaffirmed its 2012 estimate of $0.45.
For more ratings news on Terreno Realty Corp click here and for the rating history of Terreno Realty Corp click here.
Shares of Terreno Realty Corp closed at $14.50 yesterday.
The firm reports that it has recently hosted several management meeting with the company's CEO Blake Baird and CFO Mike Coke.
Some near-term headwinds that KeyBanc is facing includes a tight capital position a more competitive investment environment, an equity overhang, and a liquidity discount. The company has deployed $212 million since its IPO, which in turn has changed the firms thoughts on where the company stands.
An analyst at KeyBanc comments, "external growth could remain deliberate as management looks to avoid dilution and will likely be forced to grow in a more thoughtful manner with a long-term focus. We expect that progress on the leasing front will help unlock some value and any near-term announcements could prove to be catalysts that could help bridge the gap relative to NAV."
The firm has cut its 2011 EPS estimate from $0.13 to $0.05 and reaffirmed its 2012 estimate of $0.45.
For more ratings news on Terreno Realty Corp click here and for the rating history of Terreno Realty Corp click here.
Shares of Terreno Realty Corp closed at $14.50 yesterday.
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