Mizuho lowers PTs of industrial REITs on tough demand recovery

Rexford Industrial Realty

31/05/2024 13:13

** Mizuho cuts PT of Prologis  PLD.N  to $120 from $130,
EastGroup Properties  EGP.N  to $175 from $185 and Rexford
Industrial Realty  REXR.N  to $50 from $52
    ** Brokerage says its mid-Q2 analysis of industrial REITs
sector points at tough H2 2024 recovery for PT revisions
    ** Says pickup in demand needed to meet PLD's revised net
absorption forecast seems unachievable
    ** Sees EGP's sub-market demand holding strong, while most
regions appear to be slowing
    ** "REXR's market demand is still negative, but has seen
strong second-derivative improvement," says Mizuho
    ** YTD, PLD has fallen 19.3%, EGP is down 12.4% and REXR has
lost 20.3%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))