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On Monday, Baird analyst David Radgers adjusted the price target for Rexford Industrial Realty (NYSE:REXR), bringing it down to $47.00 from the previous $48.00, while keeping a Neutral rating on the shares. According to InvestingPro data, the stock currently trades at a P/E ratio of 34.7x, indicating a relatively high earnings multiple. Radgers highlighted that Rexford could find opportunities if it successfully improves through redevelopment and repositioning lease-ups.
The analyst pointed out that despite the current soft near-term demand in Southern California as it adjusts post-pandemic, there are signs of emerging demand, suggesting it might be premature to declare a market recovery. Rexford’s primary focus, according to Radgers, should be on enhancing its lease-up activities within its redevelopment and repositioning pipeline. He believes that an uptick in leasing activities could act as a driving force for the company’s stock, which has seen a -17.7% price return over the past year. InvestingPro analysis shows the company maintains a "GOOD" overall Financial Health score, with particularly strong marks in growth and cash flow metrics.
Rexford Industrial Realty specializes in the acquisition, ownership, and operation of industrial properties in Southern California. The firm has been navigating the challenges presented by the shifting market dynamics following the pandemic, though it has maintained impressive revenue growth of 17.4% over the last twelve months. The analyst’s comments indicate that while the market is still finding its footing, there is cautious optimism about Rexford’s potential for growth. InvestingPro subscribers can access additional insights through the comprehensive Pro Research Report, which provides detailed analysis of the company’s performance and prospects.
Radgers’ analysis suggests that for investors, the key to Rexford’s future stock performance may lie in the company’s ability to accelerate leasing within its current projects. The success of these initiatives is expected to be a significant factor in the stock’s trajectory moving forward.
The new price target of $47.00 reflects a slight decrease from the previous target, indicating a more conservative outlook on Rexford’s near-term financial prospects. Despite this adjustment, the maintained Neutral rating suggests that the analyst sees Rexford as a stable investment, albeit without strong indications of either underperformance or outperformance in the immediate future.
In other recent news, Rexford Industrial Realty has seen significant updates from major financial analysts. Deutsche Bank (ETR:DBKGn) initiated coverage on Rexford with a Hold rating and a price target of $40.00, citing concerns over a slowdown in the Southern California region and potential risks related to interest rates and tenant concentration. The bank’s forecast for Rexford’s funds from operations (FFO) per share for 2025 is $2.50, slightly below the consensus estimate of $2.51. Meanwhile, Citi analysts also adjusted their outlook on Rexford, maintaining a Neutral rating but lowering the price target from $50.00 to $40.00. This adjustment reflects Citi’s revised assumptions about occupancy rates, interest income, and interest rate projections, leading to a reduced FFO estimate for 2025 from $2.58 to $2.50. Both firms highlight a deceleration in fundamentals as a key factor influencing their analyses. These updates indicate a recalibration of expectations for Rexford’s financial performance in the coming years. Investors are likely to pay close attention to these developments as they assess their positions in Rexford Industrial Realty.
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