KeyBanc raised the firm’s price target on Terreno Realty (TRNO) to $68 from $64 and keeps an Overweight rating on the shares. The firm expects the company to generate double-digit FFO growth in 2026 and early 2027 driven by the combination of above-average occupancy, steady development leasing, and recent leasing wins at several key assets. Leasing has been steady despite a difficult 2025 with cash rent change of about 24% year-to-date, and KeyBanc expects 2026 rent change to remain in a similar range.
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