Stag Industrial price target lowered to $38 from $39 at Wedbush

Wedbush analyst Richard Anderson lowered the firm’s price target on Stag Industrial (STAG) to $38 from $39 and keeps an Outperform rating on the shares. It is expecting 25% cash releasing spreads during 2025 on 14msf of both new and renewal leasing. The firm reads that as a solid number for the company. Stag Industrial noted a material uptick in tenant inquiries, which is a positive sign that the tenant hesitation theme is starting to thaw. However, an expectation for a 100bps occupancy drift during 2025 remains a part of the debate, argues Wedbush. At a 8-or 9-turn multiple discount to the sector average, the firm thinks there is more upside potential than downside risk from here.