Opinions
James Telfser
Americold Realty
COLD-N
WEAK BUY
Oct 14, 2025
$13.545
Stock price when the opinion was issued
REAL ESTATE
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TOP PICK
In industrial real estate, a great space, but also in a protected niche--refrigerated warehouses. Difficult to build these, so this limits competition. They benefit from growing demand for fresh food and ready to eat food. Fine managers. Valus will rise in this space, and there'll be a secular re-rating as investors recognize COLD's niche. High growth ahead. (Analysts’ price target is $40.06)
REAL ESTATE
PAST TOP PICK
(A Top Pick Nov 04/19, Down 7%) COLD specializes in frozen warehouse storage, a very defensive asset class with growth. They have a good moat. COLD is the largest player in this space. There's a mismatch in valuation in the private market; these buildings trade at a discount to industrial assets. The spread is too wide. During the pandemic, it was defensive. He still likes it. There is an opportunity for them to store vaccines. Still likes it.
REAL ESTATE
TOP PICK
Temperature-controlled warehouses are an integral part of the food chain connecting producers and retailers to the consumer. Defensive cashflows, structural tailwinds. High demand sector. E-commerce potential. Seasoned management. Share price attractive, significant discount to peers but with secure growth. Yield is 2.49%. (Analysts’ price target is $41.67)
REAL ESTATE
BUY ON WEAKNESS
Cold Storage in the US. A leader. An integral part of the food chain. He thinks this is a great business. They have had a lot of difficulty recently on the expense side. Many of the suppliers are running through the safety stock and not replenishing supplies. This is a very labour-intestive business. We are getting very close to the bottom and he thinks it is probably a good buying opportunity.
REAL ESTATE
It's actually a REIT. The chart isn't one you want to see, and has caught a lot of investors off guard. Demand and pricing growth were there through the pandemic. Not a lot of these facilities, hard assets to replicate. Overcorrected, so probably some upside for a contrarian play. He wouldn't worry about the long-term fundamentals of the business.
Instead, he's been adding to MI.UN.