Terreno Realty raised to Buy at Piper Sandler on management optimism

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Piper Sandler upgraded Terreno Realty Corp. (TRNO [https://seekingalpha.com/symbol/TRNO]) stock in a recent note to Overweight from Neutral, as the REIT's management sees more engaged tenants following better-than-expected Q3 results.

"Given management is usually understated, their enthusiasm following 3Q25 results stood out as they see tenants becoming more engaged, since pulling back with Liberation Day," Alexander Goldfarb wrote.

He noted that Los Angeles, and, to a lesser extent, New Jersey, remain two weaker industrial markets, while Miami "is also digesting the rapid post-pandemic rent increases."

On the other side of the fence, Goldfarb said, "the [New York City] boroughs remain strong, DC sees no impact fromDOGE or the shutdown, while the Bay Area and east side of Seattle are rebounding because of tech, AI, and manufacturing."

TRNO shares were little changed at the time of writing. The stock was up 3.1% year-to-date, vs. the S&P 500's 14% climb.

Piper's Overweight rate compares with the SA Quant system rating and other average [https://seekingalpha.com/symbol/TRNO/ratings/author-ratings]SA analyst rating, both at Hold, and the average Wall Street [https://seekingalpha.com/symbol/TRNO/ratings/sell-side-ratings] analyst rating of Buy.

MORE ON TERRENO REALTY

* Terreno Realty: Growing, Largely In Nominal Terms [https://seekingalpha.com/article/4813704-terreno-realty-growing-largely-in-nominal-terms]
* Terreno Realty buys 3 industrial properties in Florida, New Jersey for $194M [https://seekingalpha.com/news/4493751-terreno-realty-buys-3-industrial-properties-in-florida-new-jersey-for-194m]
* Terreno Realty buys nine industrial distribution buildings for $233M [https://seekingalpha.com/news/4484708-terreno-realty-buys-nine-industrial-distribution-buildings-for-233m]
* Seeking Alpha’s Quant Rating on Terreno Realty [https://seekingalpha.com/symbol/TRNO/ratings/quant-ratings]
* Historical earnings data for Terreno Realty [https://seekingalpha.com/symbol/TRNO/earnings]