Baird Lowers Americold and Lineage Ratings to Neutral
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 18 2025
0mins
Should l Buy LINE?
Source: SeekingAlpha
Baird's Downgrade: Baird downgraded Americold Realty Trust (COLD) and Lineage (LINE) to Neutral from Outperform due to increased supply and better opportunities in other REIT sectors, indicating that being "cheap" is not a strong investment thesis.
Market Outlook: Analyst Nicholas P. Thillman predicts 2026 and 2027 will be "muddle-through" years as the supply/demand imbalance in cold storage will take time to correct, raising concerns about when COLD and LINE will regain pricing power.
Rating Comparisons: Baird's Neutral rating for Americold aligns with the SA Quant rating and average SA Analyst rating of Hold, contrasting with the average Wall Street rating of Buy; for Lineage, the Neutral rating aligns with the Wall Street Hold rating but contrasts with the SA Quant rating of Sell.
Additional Context: The article also mentions Americold's 8.6% dividend yield and recent strategic moves by activist investor Ancora, as well as Lineage's €700 million senior notes issuance due in 2031.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy LINE?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on LINE
Wall Street analysts forecast LINE stock price to rise
15 Analyst Rating
4 Buy
9 Hold
2 Sell
Hold
Current: 39.000
Low
32.00
Averages
39.13
High
47.00
Current: 39.000
Low
32.00
Averages
39.13
High
47.00
About LINE
Lineage, Inc. is a global temperature-controlled warehouse real estate investment trust (REIT) with facilities located across countries in North America, Europe, and Asia-Pacific. The Company’s segments include Global Warehousing and Global Integrated Solutions. The Global Warehousing segment utilizes the Company's industrial real estate properties to provide temperature-controlled warehousing services to its customers. This segment offers storage services and related activities, such as handling, case-picking, order assembly, load consolidation, quality control, and other such value-adding services. The Global Integrated Solutions segment includes global warehousing with specialized cold-chain services. This segment includes redistribution services, multivendor less-than-full-truckload consolidation, transportation brokerage, drayage services to and from ports, freight forwarding, rail transportation services, sales of prepared food, and e-commerce fulfillment services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Lineage, Inc. Q4 2025 Earnings Call Insights
- Financial Performance Overview: Lineage, Inc. reported adjusted EBITDA of $327 million for Q4 2025, down 2.4% year-over-year, while total AFFO was $214 million, demonstrating resilience in cash flow management and potential for improvement through cost-saving measures in the future.
- Operational Efficiency Gains: CEO W. Lehmkuhl emphasized an expected $50 million in annual cost savings by 2026 through streamlining and centralizing select functions, which will help maintain profitability in a competitive market environment.
- Market Outlook: The company anticipates a same-store NOI decline of 4% to 1% for 2026, with adjusted EBITDA guidance set at $1.25 billion to $1.3 billion; despite macroeconomic challenges, management remains optimistic about market recovery and highlights the importance of technology adoption.
- Asset Dispositions and Investments: Lineage sold a non-core asset in California for $60 million, with management indicating plans to leverage market mispricing opportunities to enhance shareholder value, while investing $170 million in 24 development projects expected to yield over $150 million in incremental EBITDA once stabilized.
See More
Lineage (LINE) Q4 2025 Earnings Call Transcript
See More
Lineage Reports Q4 Profit Rebound Amid Flat Revenue
- Profit Rebound: Lineage, Inc. reported a net income of $6 million for Q4, translating to $0.03 per share, a significant turnaround from a loss of $71 million or $0.33 per share in the same quarter last year, indicating a strong recovery in profitability.
- Operating Expense Reduction: Total operating expenses decreased from $1.36 billion to $1.269 billion, primarily due to lower operating costs and improved foreign currency losses, which further enhances the company's financial health.
- EBITDA Growth: EBITDA rose from $176 million to $294 million, although adjusted EBITDA slightly declined to $327 million, the overall improvement in profitability lays a solid foundation for future growth.
- Future Outlook: Lineage anticipates adjusted EBITDA for 2026 to be between $1.25 billion and $1.30 billion, with adjusted FFO per share expected to range from $2.75 to $3.00, reflecting the company's confidence in future growth prospects.
See More
Lineage, Inc. Reports 2025 Financial Highlights
- Revenue Decline: In Q4 2025, total revenue was $1.336 billion, a slight decrease of 0.2% year-over-year, indicating a struggle for growth amidst industry challenges, which may impact investor confidence moving forward.
- Net Loss: For the full year 2025, GAAP net loss was $113 million, or $0.43 per diluted share, highlighting pressures on cost management and market competition, potentially raising concerns among shareholders regarding the company's financial health.
- Adjusted EBITDA: The adjusted EBITDA for 2025 was $1.298 billion, down 2.3% year-over-year, with an adjusted EBITDA margin of 24.2%, reflecting operational efficiency challenges that could affect future capital expenditure capabilities.
- Future Guidance: The company anticipates 2026 adjusted EBITDA to range between $1.25 billion and $1.30 billion, suggesting a cautiously optimistic outlook from management despite uncertainties, which may attract long-term investor interest.
See More
Lineage Reports Q4 Earnings Miss with Flat Revenue
- Earnings Performance: Lineage's Q4 AFFO stood at $0.83 with revenue of $1.34 billion, remaining flat year-over-year, missing expectations by $40 million, indicating pressure in a competitive market.
- Future Outlook: The company anticipates adjusted EBITDA for full-year 2026 to be between $1.25 billion and $1.30 billion, with adjusted AFFO per share projected at $2.75 to $3.00, reflecting cautious optimism for future growth.
- Market Reaction: Following the earnings miss, both Lineage and Americold were downgraded to Neutral by Baird, signaling market concerns over short-term performance that could affect investor confidence.
- Strategic Direction: Lineage is advancing warehouse productivity and digital strategy initiatives, including the implementation of the LinOS platform, aimed at enhancing operational efficiency and competitive positioning to tackle industry challenges.
See More
Lineage (LINE) Set to Announce Q4 Earnings with Mixed Estimates
- Earnings Announcement Date: Lineage (LINE) is set to release its Q4 earnings on February 25th before market open, with the consensus EPS estimate at -$0.14, reflecting a significant year-over-year improvement of 57.6%, indicating resilience amid challenges.
- Revenue Expectations: The anticipated revenue for Q4 stands at $1.38 billion, representing a 3.0% year-over-year increase, suggesting continued demand in the cold storage logistics sector despite market pressures.
- Estimate Revision Dynamics: Over the past three months, EPS estimates have seen no upward revisions and one downward revision, while revenue estimates have experienced two upward and three downward revisions, indicating mixed market sentiment regarding Lineage's future performance, which may affect investor confidence.
- Market Competitive Landscape: A comparison between Lineage and Americold highlights Lineage's technological leadership; although both companies have been downgraded to Neutral by Baird, Lineage's innovations in warehouse productivity and digital strategy may support its growth trajectory going forward.
See More
Lineage, Inc. Q4 2025 Earnings Call Insights
- Financial Performance Overview: Lineage, Inc. reported adjusted EBITDA of $327 million for Q4 2025, down 2.4% year-over-year, while total AFFO was $214 million, demonstrating resilience in cash flow management and potential for improvement through cost-saving measures in the future.
- Operational Efficiency Gains: CEO W. Lehmkuhl emphasized an expected $50 million in annual cost savings by 2026 through streamlining and centralizing select functions, which will help maintain profitability in a competitive market environment.
- Market Outlook: The company anticipates a same-store NOI decline of 4% to 1% for 2026, with adjusted EBITDA guidance set at $1.25 billion to $1.3 billion; despite macroeconomic challenges, management remains optimistic about market recovery and highlights the importance of technology adoption.
- Asset Dispositions and Investments: Lineage sold a non-core asset in California for $60 million, with management indicating plans to leverage market mispricing opportunities to enhance shareholder value, while investing $170 million in 24 development projects expected to yield over $150 million in incremental EBITDA once stabilized.
See More
Lineage (LINE) Q4 2025 Earnings Call Transcript
See More
Lineage Reports Q4 Profit Rebound Amid Flat Revenue
- Profit Rebound: Lineage, Inc. reported a net income of $6 million for Q4, translating to $0.03 per share, a significant turnaround from a loss of $71 million or $0.33 per share in the same quarter last year, indicating a strong recovery in profitability.
- Operating Expense Reduction: Total operating expenses decreased from $1.36 billion to $1.269 billion, primarily due to lower operating costs and improved foreign currency losses, which further enhances the company's financial health.
- EBITDA Growth: EBITDA rose from $176 million to $294 million, although adjusted EBITDA slightly declined to $327 million, the overall improvement in profitability lays a solid foundation for future growth.
- Future Outlook: Lineage anticipates adjusted EBITDA for 2026 to be between $1.25 billion and $1.30 billion, with adjusted FFO per share expected to range from $2.75 to $3.00, reflecting the company's confidence in future growth prospects.
See More
Lineage, Inc. Reports 2025 Financial Highlights
- Revenue Decline: In Q4 2025, total revenue was $1.336 billion, a slight decrease of 0.2% year-over-year, indicating a struggle for growth amidst industry challenges, which may impact investor confidence moving forward.
- Net Loss: For the full year 2025, GAAP net loss was $113 million, or $0.43 per diluted share, highlighting pressures on cost management and market competition, potentially raising concerns among shareholders regarding the company's financial health.
- Adjusted EBITDA: The adjusted EBITDA for 2025 was $1.298 billion, down 2.3% year-over-year, with an adjusted EBITDA margin of 24.2%, reflecting operational efficiency challenges that could affect future capital expenditure capabilities.
- Future Guidance: The company anticipates 2026 adjusted EBITDA to range between $1.25 billion and $1.30 billion, suggesting a cautiously optimistic outlook from management despite uncertainties, which may attract long-term investor interest.
See More
Lineage Reports Q4 Earnings Miss with Flat Revenue
- Earnings Performance: Lineage's Q4 AFFO stood at $0.83 with revenue of $1.34 billion, remaining flat year-over-year, missing expectations by $40 million, indicating pressure in a competitive market.
- Future Outlook: The company anticipates adjusted EBITDA for full-year 2026 to be between $1.25 billion and $1.30 billion, with adjusted AFFO per share projected at $2.75 to $3.00, reflecting cautious optimism for future growth.
- Market Reaction: Following the earnings miss, both Lineage and Americold were downgraded to Neutral by Baird, signaling market concerns over short-term performance that could affect investor confidence.
- Strategic Direction: Lineage is advancing warehouse productivity and digital strategy initiatives, including the implementation of the LinOS platform, aimed at enhancing operational efficiency and competitive positioning to tackle industry challenges.
See More
Lineage (LINE) Set to Announce Q4 Earnings with Mixed Estimates
- Earnings Announcement Date: Lineage (LINE) is set to release its Q4 earnings on February 25th before market open, with the consensus EPS estimate at -$0.14, reflecting a significant year-over-year improvement of 57.6%, indicating resilience amid challenges.
- Revenue Expectations: The anticipated revenue for Q4 stands at $1.38 billion, representing a 3.0% year-over-year increase, suggesting continued demand in the cold storage logistics sector despite market pressures.
- Estimate Revision Dynamics: Over the past three months, EPS estimates have seen no upward revisions and one downward revision, while revenue estimates have experienced two upward and three downward revisions, indicating mixed market sentiment regarding Lineage's future performance, which may affect investor confidence.
- Market Competitive Landscape: A comparison between Lineage and Americold highlights Lineage's technological leadership; although both companies have been downgraded to Neutral by Baird, Lineage's innovations in warehouse productivity and digital strategy may support its growth trajectory going forward.
See More
