Wachovia Upgrades EastGroup Properties (EGP) to Outperform
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Wachovia upgrades EastGroup Properties (NYSE: EGP) to Outperform.
Wachovia analyst says, "The company's solid balance sheet and access to raise-asyou-go capital via the ATM program provides upside potential as EGP seeks to "cherry pick" acquisitions. In contrast, many peers continue to unload assets at relatively high cap rates to repair balance sheets and reposition portfolios. Although EGP currently trades at a premium, its pro-forma valuation moves more in-line with peers after adjusting for balance sheet repositioning; we believe EGP's moderate leverage, acquisition pot'l, and proven track record warrant a premium valuation."
To see more analyst ratings on EGP Click Here.
EastGroup Properties, Inc. (EastGroup) is an equity real estate investment trust (REIT). The Company is engaged in the development, acquisition and operation of industrial properties in Sunbelt markets throughout the United States, including the states of Florida, Texas, Arizona and California.
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