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Fly News Breaks for February 24, 2020
COLD
Feb 24, 2020 | 06:18 EDT
BofA analyst Joshua Dennerlein downgraded Americold Realty Trust to Neutral from Buy with a price target of $35, down from $42.50. The analyst cites the company's disappointing FY20 guidance, the cancellation of its $600M development project, and the management's "communication challenges". Dennerlein believes that a neutral rating is more appropriate until he regains his confidnce in Americold Realty's strategic planning, initiatives and communication strategy.