Americold Realty Trust downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Steve Sakwa downgraded Americold Realty Trust (COLD) to In Line from Outperform with a price target of $13, down from $19. The firm reduced estimates to reflect the “tepid” demand environment. The next two years will bring challenges to both Americold ‘s occupancy and rates, the analyst tells investors in a research note. Evercore believes the company’s elevated levels of fixed commit contracts could fall as retailers look to cut costs and improve their operating efficiencies. It sees better real estate investment trust investments elsewhere.