Rexford Industrial Realty (REXR) PT Raised to $42 at Evercore ISI

Evercore ISI analyst Samir Khanal raised the price target on Rexford Industrial Realty (NYSE: REXR) to $42.00 (from $40.00) while maintaining a In Line rating.

The analyst comments "Tuesday AMC, industrial REIT Rexford announced the appointment of Laura Clark as CEO as well as a reformed capital allocation framework designed to enhance long-term shareholder value (PRs here and here). This comes after activist investor Elliott Mgmt. took a sizeable position in the stock earlier this year (our initial thoughts here). Overall, we view this announcement positively as REXR is clearly listening to shareholder concerns around elevated G&A and critiques of previous capital allocation decisions and REXR is looking to control what they can while the S. CA industrial market recovers."

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