Goldman Sachs Slashes Lineage Price Target Amid Earnings Concerns

Goldman Sachs has lowered its price target for Lineage Inc., a cold storage warehouse operator, to $48 from $53 while maintaining a 'Buy' rating. This comes after the firm's analyst Caitlin Burrows reduced adjusted funds from operations per share estimates for 2026 through 2028.

The analyst reviewed August USDA data released on September 25, which showed stronger sequential growth than August 2025 and positive year-over-year inventory growth across both All Warehouses and Public Warehouses. However, the firm noted that food consumption and inventory trends may suggest higher occupancy reflects food remaining in storage for longer rather than a meaningful increase in underlying demand.

Lineage Inc. recently reported strong second-quarter results, surpassing expectations with an adjusted EBITDA of approximately $320 million and adjusted funds from operations at about $198 million, or $0.76 per share. The company achieved revenue of $1.36 billion, and same-store occupancy increased by 90 basis points from the previous year.