TRNO Terreno Realty Corp
Price Chart
Executive Summary
Baird upgraded Terreno Realty Corp (TRNO) to Outperform from Neutral on Jan 8, 2026, with a $64 price target, up from $63. The move is part of a 10-firm cluster covering TRNO, with Baird being the only firm to change its rating. Baird has a 54% accuracy rate on 2,555 calls and an average return of 4%, placing it in the average tier among covering firms. Consensus on TRNO is heavily bullish: 16 of 24 analysts rate it Buy (67%), 7 Hold (29%), and 1 Sell (4%). The mean price target is $70.29, implying 10.4% upside from the current $63.65, with a high of $80 and low of $56. Baird's $64 target is the lowest among all analysts, sitting 9% below the mean. No other upgrades or downgrades occurred in the past 30 days, and EPS estimates have been revised upward across all periods over the last 7 and 30 days. Insider trades and congressional activity show no signals. Institutional activity is mixed: Norges Bank opened a large new position ($168M) but also exited a prior stake, while UBS doubled its position (+108%). The upgrade from a mid-tier firm with a below-consensus target is a modestly positive signal, but not a game-changer.
Impact Score
Consensus & Targets
Consensus is heavily bullish: 6 Strong Buy, 10 Buy, 7 Hold, 1 Sell, 0 Strong Sell — 67% Buy-side, 29% Hold, 4% Sell. 24 analysts cover TRNO. Direction is clearly positive, with the upgrade adding to the bullish tilt.
Mean PT $70.29, median $70, high $80, low $56. Current price $63.65 implies 10.4% upside to mean. Baird's $64 target is the lowest in the range, 9% below the mean and 20% below the high. The firm is the most conservative bull on the street.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-06-01 | Wells Fargo | maintain | Equal-Weight | — |
| 2026-05-21 | Scotiabank | maintain | Sector Outperform | — |
| 2026-02-10 | Citigroup | maintain | Neutral | $70.00 |
| 2026-02-09 | Piper Sandler | maintain | Overweight | $79.00 |
| 2026-02-09 | Keybanc | maintain | Overweight | $72.00 |
| 2026-02-06 | Citizens | maintain | Market Outperform | $70.00 |
| 2026-02-06 | Cantor Fitzgerald | maintain | Overweight | $75.00 |
| 2026-01-14 | Scotiabank | maintain | Sector Outperform | $69.00 |
| 2026-01-08 | Baird | upgrade | Outperform | $64.00 |
| 2025-12-04 | Keybanc | maintain | Overweight | $68.00 |
Zero upgrades and zero downgrades in the past 30 days. EPS revisions are positive: 1 revision up in the last 7 days and 1 in the last 30 days for the current quarter, current year, next quarter, and next year. Estimates are being revised higher across all horizons.
Firm Track Record — Baird
Baird accuracy: 54% on 2555 calls | avg return: 4%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 9 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Keybanc | 100% | 2/2 | 8.9% | top tier |
| Barclays | 71% | 5/7 | 2.7% | top tier |
| Scotiabank | 67% | 4/6 | 1.7% | top tier |
| Wells Fargo | 60% | 3/5 | 0.3% | above average |
| Piper Sandler | 50% | 2/4 | -0.3% | below average |
| Goldman Sachs | 50% | 2/4 | 0.1% | below average |
| JMP Securities | 33% | 2/6 | -0.5% | below average |
| Mizuho | 33% | 1/3 | -3.4% | below average |
| BMO Capital | 0% | 0/2 | -11% | below average |
Baird has a 54% accuracy rate on 2,555 scored calls with a 4% average return — average-tier performance. Among firms covering TRNO, Keybanc (100% on 2 calls, +8.9% avg return) and Barclays (71% on 7 calls, +2.7%) are top tier. BMO Capital (0% on 2 calls, -11%) is the worst. Baird's call is not from a standout firm.
Earnings Estimates
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0q | $0.40 | $0.40 — $0.40 | $127.9M | ↑1 ↓0 |
| 0y | $1.96 | $1.96 — $1.96 | $513.6M | ↑1 ↓0 |
| +1q | $0.44 | $0.44 — $0.44 | $130.8M | ↑1 ↓0 |
| +1y | $1.73 | $1.60 — $1.85 | $572.9M | ↑1 ↓0 |
Cross-Platform Signals
No insider trades or congressional activity reported. Institutional moves are mixed: Norges Bank opened a $168M new position but also exited a prior stake; UBS doubled its position (+108%); Two Sigma added 63% and 62% in separate filings. No clear convergence or divergence with the analyst signal.
Actionable Insight
Baird's upgrade is a modest positive but its below-consensus target limits conviction. The broader bullish consensus and upward EPS revisions support the stock, but traders should wait for a stronger catalyst or a higher-conviction firm to join before adding aggressively.
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 2, 2026
12d ago
|
ANALYST-UPGRADE
| $58.98 $65.54 | ▲ +11.13% | ▲ +10.95% | $67.27 (+14.06%) |
|
Apr 16, 2026
8w ago
|
ANALYST-UPGRADE
| $65.76 $66.28 | ▲ +0.79% | ▼ −5.02% | $67.27 (+2.30%) |
|
Apr 16, 2026
8w ago
|
ANALYST-UPGRADE
| $65.76 $66.28 | ▲ +0.79% | ▼ −5.02% | $67.27 (+2.30%) |
|
Apr 16, 2026
8w ago
|
ANALYST-UPGRADE
| $65.76 $66.28 | ▲ +0.79% | ▼ −5.02% | $67.27 (+2.30%) |
|
Apr 16, 2026
8w ago
|
ANALYST-UPGRADE
| $65.76 $66.28 | ▲ +0.79% | ▼ −5.02% | $67.27 (+2.30%) |
|
Apr 16, 2026
8w ago
|
ANALYST-UPGRADE
| $65.76 $66.28 | ▲ +0.79% | ▼ −5.02% | $67.27 (+2.30%) |
|
Mar 20, 2026
12w ago
|
DEFA14A
| $59.86 $67.13 | ▲ +12.14% | ▲ +2.82% | $67.27 (+12.38%) |
US Market Status
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