Jefferies Raises Numbers On EastGroup Properties (EGP) Following Modest Q2 'Beat'

Jefferies lifted estiamtes and its price target on Hold--rated EastGroup Properties (NYSE: EGP) from $45 to $47 following a modest Q2 beat.

The firm commented, "EastGroup reported a modest beat versus consensus in 2Q11 and slightly raised its 2011 guidance midpoint. The company seems ready to take on more risk to drive earnings growth as it: 1) recently started two developments ($15M cost), and 2) indicated that it would like to start $100M of developments in future years. However, it seems unlikely that EastGroup will start more developments in 2011 unless leasing expectations improve."

FY11 FFO goes from $2.92 to $2.94 and FY12 goes from $3.07 to $3.11.


For more ratings news on EastGroup Properties click here and for the rating history of EastGroup Properties click here.

Shares of EastGroup Properties closed at $46.32 yesterday.

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