Americold Realty Trust double downgraded at BofA on lower relative total return

As previously reported, BofA analyst Samir Khanal downgraded Americold Realty Trust (COLD) to Underperform from Buy with a price target of $13, down from $14. Recent USDA data shows inventory contraction year-over-year, indicating 2026 will likely be another year with limited-to-no demand visibility, notes the analyst, who lowered the firm’s forward AFFO multiple to reflect this. Noting that the stock is up nearly 30% from its November 2025 trough, the firm says the 7% total return potential implied by its revised price target screens as a relative Underperform compared to its entire REIT coverage universe.