Rexford Industrial price target lowered to $40 from $43 at Evercore ISI

Evercore ISI lowered the firm’s price target on Rexford Industrial (REXR) to $40 from $43 and keeps an Outperform rating on the shares. It looks like Rexford has started to shift their capital allocation strategy by selling assets, pivoting away from ATM issuance, and not announcing any new acquisitions, which the firm calls “a good stance given its depressed stock price.” Remaining disciplined on new investments should help improve investor confidence and allow the stock to regain its footing once fundamentals bottom, the analyst added.