UPDATE: Credit Suisse Upgrades EastGroup Properties (EGP) to Neutral

(Updated - December 8, 2014 10:28 AM EST)

Credit Suisse upgraded EastGroup Properties (NYSE: EGP) from Underperform to Neutral with a price target of $69.00. Analyst George Auerbach made note of near-term underperformance.

"We are upgrading EastGroup to Neutral from Underperform as the stock's recent underperformance (-7.3% since the start of November, or -850bp vs. the RMS Index) leaves the shares fairly valued relative to our $69 price target. Based on our PT we expect an 11% total return for EGP over the next twelve months compared to 9% for our coverage group, making a Neutral rating more appropriate. At ~$64/share the company now trades at a slight discount to our $65.50 NAV. In our view, EastGroup is a solid company with one of the more attractive development platforms, management teams, and balance sheets in the Industrial sector," said Auerbach.

For an analyst ratings summary and ratings history on EastGroup Properties click here. For more ratings news on EastGroup Properties click here.

Shares of EastGroup Properties closed at $64.45 yesterday.

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