Rexford Industrial downgraded to Neutral from Outperform at Baird

Baird analyst Nicholas Thillman downgraded Rexford Industrial to Neutral from Outperform with a price target of $61, up from $53. After the run-up in shares to close 2023, the firm sees a more balanced risk/reward setup heading into 2024 for the industrial real estate investment trust group. Industrial multiples remain the highest in REITs while the near-term fundamental picture “appears murky” with the interest rate sensitivity impacting valuations and near-term demand, the analyst tells investors in a research note. As such, Baird believes better opportunities will arise later in the year.