Baird Upgrades Terreno Realty Corp (TRNO) to Outperform

Baird analyst Nicholas Thillman upgraded Terreno Realty Corp (NYSE: TRNO) from Neutral to Outperform with a price target of $64.00 (from $63.00).

The analyst comments: "TRNO will have some earnings noise in 4Q and 1Q, as we highlighted in our 3Q wrap-up; however, we view the company's overall setup as more favorable as we shift to 2026. While coastal markets have been relative laggards in terms of demand, TRNO's portfolio could benefit from changing macro conditions. TRNO's more consumption-facing portfolio will benefit from additional fiscal stimulus, while the potential SCOTUS strike-down of IEEPA tariffs limits tariff thresholds to 15%, which could provide some added support for demand for TRNO's West Coast portfolio. In addition, like EGP, TRNO can drive additional earnings upside through its underlevered balance sheet, which provides capacity for further accretive acquisitions, absent additional equity issuance."

For an analyst ratings summary and ratings history on Terreno Realty Corp click here. For more ratings news on Terreno Realty Corp click here.

Shares of Terreno Realty Corp closed at $59.10 yesterday.

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