| Over a week ago | ||||
Baird analyst David… Baird analyst David Rodgers upgraded EastGroup Properties to Outperform from Neutral with an unchanged price target of $170. While sentiment around real estate continues to erode given reduced capital availability, higher capital costs and expectations for an emerging recession, the "substantial majority in asset value and earnings erosion has already occurred," Rodgers tells investors in a research note. The analyst says the higher use of financial leverage for real estate investment trusts has more quickly had an impact on values and earnings than the broader market, and that he expects underlying stability of real estate cash flows will help the group to outperform the broader market during 2023. | ||||
Baird analyst David… Baird analyst David Rodgers upgraded EastGroup Properties to Outperform from Neutral with an unchanged price target of $170. | ||||
| Over a month ago | ||||
SMBC Nikko analyst… SMBC Nikko analyst Richard Anderson upgraded EastGroup Properties to Neutral from Underperform with a $149 price target. | ||||
KeyBanc analyst Todd… KeyBanc analyst Todd Thomas upgraded EastGroup Properties to Overweight from Sector Weight with a $170 price target. The analyst recommends adding real estate investment trust exposure to areas that offer secular growth, relatively stable demand drivers, and/or improving cyclical growth. He upgraded two names and downgraded five. Thomas sees industrial, retail and healthcare REITs as meeting the criteria. He suggests maintaining or reducing exposure to 2022 outperformers that he believes have less upside from current levels, may face valuation headwinds, and economically sensitive sub-sectors where visibility is limited, namely triple-net/gaming, lodging, residential and self storage. | ||||
Truist analyst Ki Bin Kim… Truist analyst Ki Bin Kim lowered the firm's price target on EastGroup Properties to $170 from $175 and keeps a Hold rating on the shares. The analyst is updating his model to reflect Q3 results, recent events, revenue growth and expense assumptions. | ||||
| Over a quarter ago | ||||
Consensus is for FY22 FFO… Consensus is for FY22 FFO $6.94. Raises FY22 same PNOI growth cash basis view 8.3%-9.3% from 8.0% -9.0%. | ||||
Reports Q3 revenue… Reports Q3 revenue $125.66M, consensus $123.69M. Same Property NOI for the Same Property Pool excluding income from lease terminations increased 8.7% on a cash basis and 6.6% on a straight-line basis for Q3 compared to the same period in 2021. Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "Our team continues delivering solid, consistent quarterly results as evidenced by over 14% growth in FFO per share. The day-to-day industrial market remains strong as evidenced by a number of metrics such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. And while we're proud of these operational results, we are mindful of the global economic unease. As a result, we're being very judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we've brought our overall leverage and floating rate debt ratios down the past few years. And longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio." | ||||
Wells Fargo analyst… Wells Fargo analyst Blaine Heck lowered the firm's price target on EastGroup Properties to $140 from $178 and keeps an Equal Weight rating on the shares. The analyst views the industrial real estate investment trusts as "well positioned in a tough environment" heading into the Q3 reports. Industrial REITs are not immune to an economic downturn, but based on recent management commentary, it appears that on-the-ground activity has remained strong throughout Q3, Heck tells investors in a research note. | ||||
Morgan Stanley analyst… Morgan Stanley analyst Ronald Kamdem lowered the firm's price target on EastGroup Properties to $150 from $195 and keeps an Equal Weight rating on the shares. He reduced EastGroup's core FFO estimates by about 1%, due primarily to higher interest costs on debt issuances and floating rate debt costs. He also assigns a slightly lower FFO multiple for EastGroup given his expectations for slower internal growth in 2023. | ||||
