UPDATE: Evercore Partners Downgrades Stag Industrial to Equal-Weight, Reiterates $20 PT
In a report published Wednesday, Evercore Partners downgraded its rating on Stag Industrial (NYSE: STAG) from Overweight to Equal-Weight, and reiterated its $20.00 price target.
Evercore Partners noted, “STAG was recently added to the MSCI REIT Index (RMZ) – which was announced on November 19th and became effective December 3rd. Shares are up over 13% since just prior to the announcement versus REITs up 3% - significant recent outperformance. STAG shares are up year to date over 63% on a price basis and over 73% on a total return basis, significantly outperforming REITs up 11% on price and 14% total return. STAG shares are now just 6% below our $20 price target. We believe STAG shares are poised to take a breather here, and accordingly we move our rating from Overweight to Equal-Weight. No change to our estimates or price target.”
Stag Industrial closed on Tuesday at $18.80.
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