On July 30, Digital Realty Trust Inc rose 3.09% in pre-market trading, trading at $193.34/share, with turnover of $928,500. The stock had declined 3.02% in the prior session, making the current move a technical oversold recovery.
On the news front, the data center REIT sector saw broad-based recovery, with peer Equinix rising 4.46% and Fermi Inc. gaining 2.39% in pre-market trading, creating positive sector linkage. The rebound is further underpinned by residual momentum from the company's blowout Q2 earnings reported on July 24, where core FFO came in at $2.65 per share versus the FactSet consensus estimate of $1.98, a 33.84% beat. Revenue surged to $1.92 billion from $1.49 billion a year earlier, well above the $1.66 billion estimate. Management also raised full-year core FFO guidance to $8.15-$8.20 per share from $8.00-$8.10, and lifted revenue guidance to $6.85-$6.95 billion from $6.65-$6.75 billion. Post-earnings, multiple analysts raised price targets, with RBC lifting to $227, Goldman Sachs to $223, and Cantor Fitzgerald to $221, all maintaining positive ratings.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments