Wedbush initiated coverage of Rexford Industrial with a Neutral rating and $45 price target. Rexford is a pure-play industrial real estate investment trust with 100% of its portfolio located in infill locations throughout the Southern California region, the analyst tells investors in a research note. The firm says that after years of outsized and accelerating growth, the company’s fundamentals have been normalizing over the past 12-18 months. Wedbush awaits a catalyst to emerge that changes the direction of Rexford’s fundamentals.
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