Digital Realty Trust, Inc. (NYSE:DLR) reported its Q4 results, with EPS of $1.54 coming in better than the consensus estimate of $0.32.

Analysts at Berenberg Bank view the results and leasing volumes as mixed. While leasing volumes continue to be impressive (the highest bookings in company history), the analysts highlighted that the pricing continues to be challenged with same-store NOI for 2022 guided to be -3%, with pricing on renewals expected to be flat. Ongoing development yields were also down notably in Q4.

Given the current macro environment, the analysts are less bullish on operators where pricing power is challenged, however, they mentioned that they cannot argue with the company’s ability to scale globally. The analysts reiterated their buy rating, while lowering their price target to $157 from $176.