As previously reported, Scotiabank analyst Greg McGinnis initiated coverage of Rexford Industrial with a Sector Perform rating and $59 price target. The firm estimates 2024 FFOPS growth of 9.7%, versus the 9.5% Industrial REIT average, and sees upside to Rexford’s valuation, but expects sentiment and headline risk related to its geographic concentration in Southern California to limit near-term stock price performance, the analyst tells investors.
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