Piper Sandler initiates Americold Realty Trust with 'neutral'

Shares of cold storage REIT Americold Realty Trust COLD.N marginally down after Piper Sandler initiates with coverage with "neutral" rating

Sets PT of $13, which is 13.4% upside to stock's last close

"We believe management's recent actions to freshen up the company will be long-term successful, but doesn't override the transition period cold storage is still going through this year," Piper Sandler says

Adds that after going through three CEOs since IPO, the team finally looks to settle down on new C-suite with self-reflection to streamline their holdings and expand where operationally synergistic

Five of 16 analysts rate stock "strong buy" or "buy", nine "hold" and one "sell"; their median PT is $14 - data compiled by LSEG

Including session's move, stock up 11.5% YTD