Fermi initiated with an Outperform at Citizens

Citizens initiated coverage of Fermi (FRMI) with an Outperform rating and $30 price target The firm views Fermi as a “differentiated” digital infrastructure real estate investment trust developing a large campus near Amarillo, Texas that combines high performance compute data center infrastructure with behind-the-meter power. Despite near-term volatility, “persistent” data center capacity constraints in the U.S. make leasing highly probable over the next couple of months, the analyst tells investors in a research note.