UPDATE: Morgan Stanley Upgrades EastGroup Properties to Overweight, Raises PT on Significant Shareholder Value

In a report published Tuesday, Morgan Stanley analyst Vance H. Edelson upgraded the rating on EastGroup Properties

from Equal-Weight to Overweight, and raised the price target from $53.00 to $69.00. In the report, Edelson noted, “A local focus in sunbelt markets makes EGP our single best play on the single-family housing recovery and the multi-year industrial recovery underway. Barriers to entry are high and we see occupancy trending toward last cycle's peak with rental rates picking up later this year. The development pipeline will create significant shareholder value, and shares are already attractively priced.” EastGroup Properties closed on Monday at $60.04.