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EastGroup Properties No Longer A Sell At Cantor Fitzgerald As Industry Fundamentals Improve

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EastGroup Properties No Longer A Sell At Cantor Fitzgerald As Industry Fundamentals Improve

Analysts at Cantor Fitzgerald have upgraded shares of equity REIT EastGroup Properties Inc (NYSE: EGP) due to attractive industrial fundamentals.

Cantor Fitzgerald has upgraded shares from a Sell rating to a Hold, citing attractive industrial real estate fundamentals in the company's top markets outside of Houston.

Analysts remain cautious regarding the company's Houston exposure, which is 18 percent of the company, as that market continues to underperform.

Related Link: EastGroup Properties Reports Q3 FFO $1.04 Vs. Est. $1.04.

Cantor analysts also were seeing positive producing yields compared with market cap rates, high occupancy and positive rent growth as key catalysts for the upgrade.

Cantor Fitzgerald also raised its price target on the company from $63.00 to $71.00.

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Latest Ratings for EGP

DateFirmActionFromTo
May 2020RBC CapitalMaintainsSector Perform
Apr 2020Piper SandlerMaintainsOverweight
Apr 2020CitigroupMaintainsNeutral

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