Rexford Industrial Realty Downgraded By Analysts As South California Rental Market Shows Signs Of Decline
Portfolio Pulse from Lekha Gupta
Rexford Industrial Realty (REXR) has been downgraded by BMO Capital Markets and Citigroup analysts due to signs of decline in the South California rental market. BMO's John P. Kim downgraded REXR from Outperform to Market Perform and decreased the price target from $69 to $56. Citigroup's Emmanuel Korchman downgraded REXR from Buy to Neutral and lowered the price target from $66 to $53.
June 13, 2023 | 5:47 pm
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Rexford Industrial Realty downgraded by BMO Capital Markets and Citigroup analysts due to South California rental market decline. Price targets lowered by both analysts.
The downgrades by BMO Capital Markets and Citigroup analysts are based on the declining South California rental market, which is expected to impact REXR's medium-term growth. The lowered price targets by both analysts indicate a negative outlook for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100