Rexford Industrial price target lowered to $53 from $61 at Baird

Baird lowered the firm’s price target on Rexford Industrial to $53 from $61 and keeps an Outperform rating on the shares. The firm attributes the downward year-to-date pressure the stock has faced to decelerating rent growth and higher rates. Looking forward, they see a path for shares to recover, but it will not be a quick fix; it will be based on lease execution.