Barclays analyst Brendan Lynch downgraded Lineage Inc (NASDAQ: LINE) from Equalweight to Underweight with a price target of $34.00 (from $38.00).

The analyst comments: "LINE has pursued fixed-commitments to a lesser extent than COLD over the past few years, and thus has a tighter economic-to-physical gap (~600bp as of 4Q25). LINE has less to lose from a narrowing of that spread, but still think economic occupancy will be under pressure in 2026. We model a 160bp contraction in the same store pool y/y to an average of 81.4%. We view the LinOS operating system as a worthwhile pursuit, and estimate it will contribute to 60bp of adjusted EBITDA margin expansion in 2027 to get back to 24.6%. Even after factoring benefits from LinOS, the adjusted EBITDA margin would still be below LINE's peak in 2025, when the market was much more favorable. Pursuing automation makes sense give the labor costs LINE faces, but we acknowledge the industry has struggled with many of its automation initiatives to date, so the pace of LINE's progress could also be slower than we currently anticipate. We model -2.5% SSNOI growth in 2026, inline with LINE's guidance. The company also has ~15 assets in development/lease-up which should contribute to non-same store growth as the assets stabilize. Lease-up timing is the key factor, as several are currently generating an NOI drag."

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Shares of Lineage Inc closed at $37.14 yesterday.