Rexford Industrial price target raised to $61 from $49 at Truist

Truist raised the firm’s price target on Rexford Industrial to $61 from $49 and keeps a Buy rating on the shares as part of a broader research note on REITs. The firm is relatively bullish on the sector following a challenging 2023 that was mired by volatile inflationary environment and believes that REITs should benefit from a favorable backdrop of improved cost of capital environment, liquidity and attractive valuation levels, the analyst tells investors in a research note. Truist adds that Industrials REITs as a sector should again benefit from very strong lease spreads, same-store NOI and strong FFO per share growth, which is driven by favorable vintage lease expirations and years of strong rent growth.