EastGroup Properties price target raised to $198 from $188 at KeyBanc

KeyBanc analyst Todd Thomas raised the firm’s price target on EastGroup Properties to $198 from $188 and keeps an Overweight rating on the shares to reflect the improved earnings growth and outlook. The firm notes EastGroup continues to benefit from steady demand for shallow bay industrial properties. Importantly, the company’s cost of capital remains attractive and its balance sheet is well-positioned to fuel capital deployment initiatives on an accretive basis; leverage ended the year at 3.1-times on a net debt/adjusted EBITDA basis, with additional equity issuance expected to further equitize the balance sheet in the year ahead.