JMP Securities analyst Mitch Germain maintained a Market Outperform rating on STAG Industrial and raised his price target on the stock to $35 from $34 after the company announced its third overnight offering since April of last year, as momentum within the investment markets remains "robust." Germain said that shares are trading roughly eight multiple turns below broader industrial REITS, at roughly 17x 2020E FFO, which is wider than historical levels, and he believes does not factor in recent success within the investment markets, and improved growth profile from the operating portfolio. The analyst added that these factors keep him "positive" on the investment.