Scotiabank has revised its price target for Americold Realty Trust (COLD, Financial), reducing it from $28 to $24, while maintaining an Outperform rating on the stock. This adjustment comes amid positive indicators observed in the company's first-quarter performance, particularly in foot traffic, suggesting a robust start for Americold’s throughput in 2023.
The bank's analysts view Americold as a favored option within the U.S. Cold Storage sector, highlighting its defensive stance in the food-based industry. They anticipate a stronger growth trajectory in adjusted funds from operations for the years 2025 to 2027, which underpins their continued optimism about the company's performance despite the lowered target.
