UPDATE: Truist Securities Downgrades QTS Realty Trust (QTS) to Hold, 'New Bidders are Unlikely to Emerge'
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Truist Securities analyst Greg Miller downgraded QTS Realty Trust (NYSE: QTS) from Buy to Hold with a price target of $78.00.
The analyst comments "A couple of days after the dust has settled on the surprise announcement that Blackstone would acquire QTS in a deal that values QTS at $78 per share or 21.7x estimated 2022 EBITDA and 25.9x estimated 2022 AFFO. Initially we thought it possible that another bidder might enter the foray, but the more we speak with industry contacts of all types, we increasingly believe this likely represents the best deal investors are going to see this year. Now trading above its deal price as if another bidder was imminent we find the stock fully valued. Downgrade to Hold - $78 target."
Shares of QTS Realty Trust closed at $78.23 yesterday.
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