EastGroup Properties initiated with an Equal Weight at Barclays

Barclays analyst Brendan Lynch initiated coverage of EastGroup Properties with an Equal Weight rating and $181 price target. The REIT has grown its FFO per share at an 10.8% CAGR for the past five years, among the better growth rates in the firm’s coverage, and this trend will continue but at a slightly lower than the historical run rate due primarily to lower rental rate growth off the higher base, the analyst tells investors in a research note. The stock also trades at a premium relative to its peer group, the firm added.