Fly News Breaks for May 2, 2019
May 2, 2019 | 08:26 EDT
KeyBanc analyst Craig Mailman raised his price target for Terreno Realty to $49 from $44 following in-line Q1 FFO, but as the premium cash SSNOI growth and continued execution on the external growth front remain the drivers behind the year to date outperformance. The analyst believes the coastal infill strategy should translate into sustained premium growth given more limited supply and increasing demand for well-located assets in population dense markets. In addition, Mailman notes that Terreno's well capitalized balance sheet and attractive cost of capital support incremental value-add and stabilized acquisitions. He reiterates an Overweight rating on the shares.
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