EastGroup Properties price target lowered to $178 from $198 at KeyBanc

KeyBanc lowered the firm’s price target on EastGroup Properties to $178 from $198 and keeps an Overweight rating on the shares. While EastGroup is not immune to a slower demand environment for industrial real estate, the firm views the company’s shallow bay, Sunbelt-concentrated portfolio to be well-positioned in the current environment. SPNOI growth of 7.7% marked a slight improvement from last quarter, and though guidance assumes a deceleration throughout the balance of the year, KeyBanc sees potential for modest upside to management’s outlook as the year progresses, assuming conditions do not weaken further.