Americold Realty Trust (COLD) PT Lowered to $32 at KeyBanc

KeyBanc analyst Craig Mailman lowered the price target on Americold Realty Trust (NYSE: COLD) to $32.00 (from $37.00) while maintaining a Overweight rating.

The analyst commented, "We reiterate our OW rating but are lowering our PT to $32 from $37 ahead of 1Q23 earnings to reflect our reduced 2024 (-5%) and 2025 (-4%) AFFO estimates. Importantly, sentiment toward COLD remains overly negative as the Company's execution has been challenged partially due to the difficult operating environment, with shares down 16.7% YTD and underperforming the Industrial REITs and RMS by 1,400 bps and 1,530 bps, respectively. Notwithstanding the negativity around the stock and what we view to be one of the more controversial REITs within our coverage universe, we remain encouraged that fundamentals may improve during the year and look for cash flow growth to accelerate as warehouse service margins expand and developments/non-same store assets stabilize. However, the timing for a material improvement in fundamentals remains uncertain and visibility appears low, which we acknowledge creates heightened risk in the NT."

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