Barclays downgraded U.S. cold storage REITs Americold Realty Trust and Lineage to Underweight, citing structural and macro challenges.
Barclays cut price targets to $12 for Americold and $34 for Lineage, warning of rising vacancy rates and oversupply in 2026.
Geopolitical tensions, fertilizer price surge >30% YTD, slower population growth and GLP‑1 drug adoption further dampen cold storage demand.
Barclays expects earnings downside risk into 2027, noting potential short‑term rallies but persistent structural headwinds in near‑to‑medium term.