Rexford Industrial Realty (REXR) PT Lowered to $35 at Mizuho

Mizuho analyst Vikram Malhotra lowered the price target on Rexford Industrial Realty (NYSE: REXR) to $35.00 (from $38.00) while maintaining a Neutral rating.

The analyst commented: "REXR remains hotly debated, and our deep-dive outlines the Bull and Bear cases. We remain Neutral given the 1st derivative catalyst, business formations continue trending down (tracks warehouse demand, Exhibit 4) and population migration remains net negative. Our updated model suggests 2027 Street estimates are 3-4% too high. This is balanced by our what's in the price work, comparing multiples to several factors - 30%+ discount to Industrial seems reasonable. Bulls and Bears will debate Macro & Real Estate Narratives. Most investors reported "underwhelming" NAREIT meetings, and our dig into various SoCal macro and CRE factors are mixed at best. Risk to numbers. We toggle several factors (pg 5). Our Bear Case FFO is 10% lower than the Street with risk to the dividend. Our Bull Case FFO is 2% higher. We lower our PT to $35 from $38. Our Bear Case PT is $27 and Bull Case is $45."

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