Stag Industrial price target raised to $42 from $41 at BMO Capital

BMO Capital analyst Eric Borden raised the firm’s price target on Stag Industrial to $42 from $41 and keeps an Outperform rating on the shares after hosting a well-attended investor meeting with CEO Bill Crooker, CFO Matts Pinard, EVP Operations Steve Kimball, and CIO Mike Chase. Leasing remains strong with at least 71.8% of 2024 expirations addressed noting minimal impact from new supply across Stag markets, the firm notes. Acquisition underwriting increased significantly with Stag expecting to reach the midpoint of acquisition guidance, not including $50M-$100M of development opportunities. BMO sees potential upside to guidance.