Citi analyst Craig Mailman changed the firm’s stock positioning in industrial real estate investment trusts by upgrading EastGroup Properties (EGP) to Buy from Neutral and downgrading Rexford Industrial (REXR) to Neutral from Buy. The analyst views industrial fundamentals as “largely intact and relatively strong” versus broader commercial real estate, but says there could be softness the next two quarters as development pipelines deliver. Citi expects construction starts to materially decline in the second half of 2023, which should support reaccelerating results in 2024. The firm also moved Rexford to underweight in its model portfolio while adding weight to Neutral weighted STAG Industrial (STAG).
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Published first on TheFly
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