Chip stocks fall with Nvidia after data center rev disappointment
On Thursday, RBC Capital Markets adjusted its outlook on EastGroup Properties (NYSE:EGP), a company specializing in industrial property investments in sunbelt markets.
Analysts at the firm reduced the price target on the company's stock to $183 from the previous $186 while maintaining a Sector Perform rating.
The revision follows EastGroup Properties' recent business update and discussions at the NAREIT meeting. RBC Capital's analysts acknowledged that the company remains strongly positioned within the shallow bay industrial sectors of the sunbelt region.
"However, the company has recently been navigating a few tenant disruptions that will likely have a modest impact to the near-term earnings run-rate," analysts at the firm said.
As a result of these tenant disruptions, RBC Capital has revised its Funds from Operations (FFO) estimates downward, which in turn led to the lowered price target. Despite these adjustments, the analysts have chosen to keep their Sector Perform rating for EastGroup Properties unchanged.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.