Raymond James analyst Jonathan Hughes upgraded EastGroup Properties (EGP) to Strong Buy from Outperform with a price target of $200, up from $185. The firm believes NOI growth will see a slower rate of deceleration vs. peers due to EastGroup’s smaller, multi-tenant industrial buildings that face relatively less supply pressure and offer more resilient demand than larger distribution facilities, the analyst tells investors in a research note. Additionally, Raymond James says EastGroup has a strong balance sheet and capacity for external growth activity, as well as attractive valuation coupled with sector-leading AFFO growth through 2026.
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Read More on EGP:
- EastGroup Properties price target lowered to $186 from $190 at Truist
- EastGroup Properties price target lowered to $199 from $214 at Wells Fargo
- EastGroup Properties raises 2024 FFO view to $8.33 to $8.37 from $8.28-$8.38
- EastGroup Properties reports Q3 adjusted FFO $2.13, consensus $2.10
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