Rexford Industrial upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Rexford Industrial to Outperform from Peer Perform with a $70 price target. The analyst expects Rexford to produce “outsized growth” when commercial real estate is broadly losing pricing power. The firm’s estimates are above consensus with flat rents while its channel checks see growth. The company’s fundamentals are at worst stable given its markets face much less supply than the broader market, except Inland Empire, the analyst tells investors in a research note.