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On Monday, Evercore ISI analysts made adjustments to Rexford Industrial Realty’s (NYSE:REXR) financial outlook, resulting in a revised price target. The firm’s price target for Rexford stock was lowered to $40.00 from the previous $43.00, while the Outperform rating was retained. Currently trading at $32.57, the stock has experienced significant pressure, declining over 25% in the past six months. According to InvestingPro analysis, which offers 8 additional investment insights for this stock, Rexford appears undervalued based on its Fair Value calculations.
Evercore ISI’s analysis followed a review of Rexford’s first-quarter results, which led to the maintenance of the 2025 Funds From Operations (FFO) estimate at $2.37, aligning with the lower end of the company’s guidance. However, the 2026 FFO estimate was reduced by $0.08 to $2.48, indicating a year-over-year growth of 4.5%. Despite these adjustments, Rexford maintains strong fundamentals with an 18% revenue growth in the last twelve months and has demonstrated commitment to shareholder returns through 12 consecutive years of dividend increases.
The adjustment in estimates was attributed to updated assumptions regarding renewal rates, new leasing volumes, and market rent growth, which are expected to influence releasing spreads. A significant factor in the model is the anticipated pace of occupancy gains, particularly considering Rexford’s substantial redevelopment and repositioning portfolio, which currently stands at 71% occupancy across 12.5 million square feet.
Evercore ISI does not foresee the overall portfolio reaching a 95% occupancy rate until the end of 2027. The price target reduction to $40 was also influenced by a more conservative internal rate of return, leading to an increase in the capitalization rate to 5.1%.
Despite the lowered price target, Evercore ISI expressed a positive outlook on Rexford’s valuation, citing it as attractive based on multiple and net asset value (NAV) assessments. The firm acknowledged that investor confidence in the Southern California industrial recovery might require additional quarters to solidify, which is reflected in the cautious approach to the company’s stock valuation. With a market capitalization of $7.96 billion and a "FAIR" financial health score from InvestingPro, investors can access comprehensive analysis and a detailed Pro Research Report, part of the extensive coverage available for over 1,400 US stocks.
In other recent news, Rexford Industrial Realty reported its first-quarter 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.30 compared to the forecasted $0.27. The company also exceeded revenue projections, reporting $252.29 million against an expected $244.36 million. Rexford maintained its full-year Core Funds from Operations (FFO) outlook, with a projection of $2.37 to $2.41 per share. Analysts from firms such as Wells Fargo (NYSE:WFC) and Bank of America have noted the company’s strategic leasing and redevelopment efforts, which contributed to its robust performance. Despite a decline in market rents, Rexford’s portfolio demonstrated resilience, particularly in smaller format spaces under 50,000 square feet. The company executed 2.4 million square feet of leases, achieving net effective and cash rent spreads of 24% and 15%, respectively. With $1.6 billion in liquidity and no significant debt maturities until 2027, Rexford is well-positioned for future growth. The company continues to focus on infill Southern California markets, leveraging its strong tenant base.
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