Bernstein raises Digital Realty Trust stock price target on earnings beat
Digital Realty Trust (NYSE:DLR) stock price surged following the company's impressive earnings report. Bernstein SocGen Group raised its price target from $226 to $229, indicating a potential 27% upside from current levels. The data center REIT reported record bookings of $627 million and raised its full-year guidance for the third time this year.
With a backlog of $1.8 billion, the company's guidance now ranges from $8.30 to $8.35, and its implied fourth-quarter guidance is $2.03 to $2.08. While InvestingPro analysis suggests the stock is overvalued, it maintains a dividend yield of 2.67%. Digital Realty Trust's long-term strategy, capital recycling, and off-balance-sheet developments were highlighted as key factors contributing to its strong performance.
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