JPMorgan analyst Michael Mueller initiated coverage of EastGroup Properties with a Neutral rating and $190 price target. The analyst’s bias toward the stock is positive given the company’s “strong positioning and growth potential.” In 2023, the stock benefited from having a smaller tenant profile and less California exposure than some of its peers, but this may not be the case again in 2024 as market dynamics evolve, the analyst tells investors in a research note. The firm cites EastGroup’s “healthy” valuation for the the Neutral rating.
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