Rexford Industrial price target lowered to $48 from $52 at Baird

Baird analyst Nicholas Thillman lowered the firm’s price target on Rexford Industrial (REXR) to $48 from $52 and keeps a Neutral rating on the shares. The firm upgraded the industrial real estate sector to Overweight. While fundamentals will remain soft given near-term uncertainty, these risks are priced at these levels, the analyst tells investors in a research note. Looking ahead, deliveries are anticipated to fall throughout the year, and demand drivers for the business remain intact, supported by continued consumer spending, which will help stabilize vacancy rates, contends Baird. The firm expects absorption trends will return to their pre-pandemic annual run rate of 200-250msf later in the year. It upgraded Prologis (PLD) to Outperform and named EastGroup Properties (EGP) its top sector pick for the year.