Americold Realty Trust (NYSE:) Receives Price Target Upgrade from Citi to $30.00 with Neutral Rating
Citi has updated its stance on Americold Realty Trust, raising the stock's price target to $30.00 from $28.00 while maintaining a Neutral rating. The adjustment follows the company's strong second-quarter results in 2024, prompting Citi to revise its model for Americold.
The firm has increased its 2024 estimated adjusted funds from operations (AFFO) for Americold Realty Trust from $1.43 to $1.48, reflecting the company's better-than-expected performance driven by improved service margins and higher core net operating income (NOI).
Citi's new price target implies a 19x multiple of the company's expected AFFO for 2025, serving as a valuation metric that reflects the firm's anticipation of Americold's earning potential.
The updated price target of $30.00 provides insight into the company's value based on recent financial results and forecasts. While Citi acknowledges Americold's improved financial metrics, it is not offering a recommendation to buy or sell the stock at this time.
Investors and market watchers may view this price target change as a reflection of Americold Realty Trust's recent performance and Citi's outlook on the company's financial health going forward.
Recently, several analysts have upgraded Americold Realty Trust, with Scotiabank, Truist Securities, and Baird all raising their price targets for the company. These upgrades are supported by the company's strong second-quarter results and improved AFFO guidance for 2024 and 2025.
Americold reported a significant increase in its second-quarter 2024 financial results, with AFFO reaching approximately $109 million or $0.38 per share, driven by robust same-store warehouse services and effective pricing strategies. The company also raised its full-year 2024 AFFO guidance.
Overall, Americold Realty Trust's strategic focus on internal efficiencies and growth initiatives positions the company favorably for future developments.
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