Movement Alert|Digital Realty Trust Inc Rises 5.94% in Regular Trading, Q2 Earnings Significantly Beat Expectations with Full-Year Guidance Raised

Market Focus
Jul 24

On July 24, Digital Realty Trust Inc rose 5.94% in regular trading, trading at $198.375/share, with turnover of $186 million.

On the news front, the company reported Q2 results that significantly exceeded market expectations, while raising full-year guidance. Core FFO came in at $2.65 per diluted share, beating the consensus estimate of $1.98 by 33.84% and representing a 41.7% increase from $1.87 a year earlier. Total operating revenue rose to $1.924 billion from $1.49 billion year-over-year, surpassing the $1.656 billion estimate. The company raised its full-year core FFO guidance to $8.15-$8.20 per share from the prior $8.00-$8.10 range, and increased revenue guidance to $6.85-$6.95 billion from $6.65-$6.75 billion, both above analyst expectations of $8.03 and $6.76 billion respectively. Following the results, Goldman Sachs raised its price target to $223 from $215, maintaining a Buy rating. Within the Data Center REITs sector, Equinix rose 4.68% and Fermi Inc. gained 4.43%, reflecting broad sector strength.

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