Why analysts are bullish on Digital Realty Trust, Inc. (NYSE: DLR) stock

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Digital Realty Trust, Inc. (NYSE: DLR) stock rose over 3.5% on 16th September (as of 11:52 am GMT-4; Source: Google finance) after analysts from BMO capital markets upgraded the stock to Outperform” from “Market Perform” rating. The firm intends to redeem 10 million shares of its 5.875% Series G Cumulative Redeemable Preferred Stock on October 15, 2020. The group also approved a cash dividend of $1.12 per share to common stockholders of record as of the close of business on September 15, 2020.  The common stock cash dividend would be payable on September 30, 2020.  The group also issued a positive outlook for 2020 raising its core FFO per share outlook from $5.90-$6.10 to $6.00-$6.10.

DLR acquired Altus IT, the leading carrier-neutral data center provider in Croatia, enabling the firm to expand its presence to the region as well as offering a gateway for interconnection and peering with a number of prominent service providers in southeast Europe. for the second quarter of 2020, Digital Realty reported revenues rise of 21% yoy to $993 million, while net income of $76 million, and net income available to common stockholders of $54 million, or $0.20 per diluted share, from $0.90 per diluted share in the previous quarter and $0.15 per diluted share in the same quarter last year.

The group generated an adjusted EBITDA of $559 million, which is a rise of 16% on sequential basis and a 17% rise on year over year basis. The company reported funds from operations of $415 million, or $1.49 per share, from $0.91 per share in the previous quarter and $1.53 per share in the same quarter last year.  They delivered second quarter of 2020 core FFO per share of $1.54, a 1% increase from $1.53 per share in the previous quarter, and a 6% decrease from $1.64 per share in the same quarter last year.

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