Scotiabank upgrades Terreno Realty on easing tenant credit risk

Scotiabank upgraded Terreno Realty (TRNO) to Outperform from Sector Perform with a price target of $67, up from $61. The company’s Q3 results were “healthy” as it addressed major watchlist tenants and executed several notable leases post the quarter, the analyst tells investors in a research note. The firm citing Terreno’s portfolio quality and alleviating tenant credit risk concerns for the upgrade. It finds the stock undervalued at current levels.