Mizuho Securities Starts EastGroup Properties (EGP) at Buy
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Mizuho Securities initiates coverage on EastGroup Properties (NYSE: EGP) with a Buy rating and a price target of $83.00.
Analyst Richard Anderson commented, "Small Sunbelt player, with possible upside (thematically and fundamentally) as e-commerce closes in on the typical EGP “last-mile” footprint. EGP’s recent history of significant underperformance (2014 and 2015) also provides a measure of support for alpha generation from here, aided by the best dividend track-record of the three. EGP is also small enough to be considered a relatively edible M&A target, particularly for suitors looking to play the increasing demand of same-day delivery (average building size is 110ksf). We see this move by industrial users to locations closer to population centers as an environmental change that, in some ways, has fallen right into EGP’s lap. Low trading liquidity may make EGP stock a non-starter for certain large institutional investors, as we point out in greater detail in the Valuation comments at the end of this report."
Shares of EastGroup Properties closed at $73.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
- RCI Hospitality Holdings (RICK) Gains as Sidoti & Co. Sets Aggressive Price Target
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!