Baird upgraded Terreno Realty (TRNO) to Outperform from Neutral with a price target of $64, up from $63. The firm says that with stock valuations reflecting anticipated fundamental improvements, the industrial real estate sector’s risk/reward appears balanced. As such, it moved to an Market Weight from Overweight sector position. Baird views Terreno’s setup as more favorable entering 2026. While coastal markets have been relative laggards in demand, the company’s portfolio could benefit from changing macro conditions, says Baird.
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