Jefferies Remains Bullish on Rexford Industrial Realty (REXR) Following Beat and Raise

Jefferies reiterated a Buy rating on Rexford Industrial Realty (NYSE: REXR), and raised the price target to $22.00 (from $21.00), following the company's 1Q earnings report. REXR reported Core FFO of $0.22, which beat the street estimates of $0.21. Management increased 2016 FFO guidance to $0.85-0.88, from $0.83-0.86. The beat relative to estimates was due to higher rental revenue and tenant reimbursements.

Analyst Jonathan Petersen commented, "1Q16 Core FFO/sh of $0.22 was 2/1c ahead of JEF/Street estimates. Management raised FFO/sh guidance by 2c at both ends to a new range of $0.85-0.88, which is primarily due to accretion from the recent portfolio acquisition. Internal growth remains strong in REXR's in fill LA portfolio as SS NOI increased +8.2% in the quarter. We are increasing our PT to $22, from $21, and we maintain our Buy rating."

For an analyst ratings summary and ratings history on Rexford Industrial Realty click here. For more ratings news on Rexford Industrial Realty click here.

Shares of Rexford Industrial Realty closed at $19.37 yesterday.

You May Also Be Interested In

• Cleveland Research Upgrades Dynatrace Inc. (DT) to Buy, 'optimism underlying fundamentals are likely to support upside'
• HSBC Upgrades Johnson & Johnson (JNJ) to Buy, 'Steady outlook, low expectations'
• Equifax (EFX) PT Raised to $240 at Morgan Stanley