Rexford Industrial initiated with a Neutral at Mizuho

Mizuho initiated coverage of Rexford Industrial (REXR) with a Neutral rating and $52 price target. Despite the stock’s recent underperformance, Rexford’s markets are likely to underperform in the near-term and its valuation is fair, the analyst tells investors in a research note. The deceleration in Southern California industrial markets has the firm advising investors to overweight the more “diversified” names, including Prologis (PLD) and EastGroup Properties (EGP).