Wells Fargo analyst Blaine Heck upgraded EastGroup Properties (EGP) to Overweight from Equal Weight with a price target of $214, up from $179. The analyst continues to favor “supply-constrained” markets and small size segments amid easing demand for the industrial real estate investment trusts. Given relative share performances along with the potential for a deteriorating perception of port markets, Wells upgraded EastGroup and downgraded Terreno Realty (TRNO). The firm cites valuation and “consistently strong results” despite broader supply pressure for the upgrade of EastGroup.
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