Raymond James upgraded EastGroup Properties to Outperform from Market Perform with an $180 price target. The company’s portfolio, focused on multi-tenant, shallow bay Sunbelt properties, is proving to be more resilient than big box-focused peer portfolios, the analyst tells investors in a research note. The firm says EastGroup management believes the setup for mid-2024 and into 2025 looks especially favorable, given the rapid 65% decline in new construction starts and the large mark to market rent spreads.
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