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J.P. Morgan on Wednesday bumped up its rating recommendation on Americold Realty Trust (NYSE:COLD) and Acadia Realty Trust (NYSE:AKR) as analyst Michael Mueller revisited his coverage within real estate investment trusts.
Americold (COLD) saw its stock slip 1.8% even as Mueller upgraded to Overweight from Neutral, owing to the company’s improved growth setup.
“Specifically, we see COLD as being on a considerably better earnings trajectory for 2024 and into 2025 due largely to how labor improvements/efficiencies are having a significant positive impact on its lower-margin services & handling operations,” he wrote in a note to clients.
On Acadia (AKR) Mueller raised to Neutral from Underweight on the expectation that external and organic growth will be important near-term drivers for the stock price, which has inched up 2.1% this year.
He sees occupancy rising through the end of 2024, as well as improved pricing power, all of which “should help drive strong [net operating income] growth over the intermediate-term.”
AKR edged up 0.5% at the time of writing.