Rexford Industrial initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Rexford Industrial with an Outperform rating and $54 price target. The pureplay industrial REIT owns “irreplaceable” assets in Southern California and the firm expects market rents to slowly inflect higher in 2025, making the recent pullback one that creates a good entry point, the analyst tells investors. However, patience is required as the stock could trade sideways over the next 3 to 6 months while market rents bounce along the bottom, the analyst warned.