Barclays analyst Brendan Lynch initiated coverage of Rexford Industrial with an Underweight rating and $45 price target. The REIT has generated a 13% AFFO per share CAGR since 2018 and investor expectations remain high for future performancm but the firm is more conservative given the risks associated with meeting these expectations, the analyst tells investors in a research note. The mix of a high multiple and high growth expectation weighted to the out years is a risky set-up for the stock, Barclays adds.
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