UPDATE: Bank of America Initiates Coverage on Rexford Industrial Realty with Buy Rating, $15.75 PT on Valuation

In a report published Tuesday, Bank of America analyst James Feldman initiated coverage on

with a Buy rating and $15.75 price target. In the report, Bank of America noted, “We are initiating coverage of Rexford Industrial Realty (REXR) with a $15.75 PO and Buy rating. REXR completed its initial public offering on July 18, 2013 at $14 per share. REXR owns 6.7M SF of industrial properties in infill SoCal markets and manages an additional 1.2M SF for third parties. REXR will focus on growing earnings and the portfolio through occupancy and rent growth, and acquisitions in its infill SoCal submarkets. The management team has deep experience in these markets and operating conditions are improving. Although there is execution risk to the acquisition strategy, upside to our NAV-derived PO warrants a Buy rating.” Rexford Industrial Realty closed on Monday at $13.60.