On Monday, JPMorgan (NYSE:JPM) made a revision to the stock price target for Rexford Industrial Realty (NYSE:REXR), a real estate investment trust. The firm has reduced its stock price target to $47.00, down from the previous $55.00, while maintaining a Neutral rating on the company's shares.
The adjustment follows the recent update to JPMorgan's financial model for Rexford after the company reported its first-quarter earnings for 2024. The bank's analysts have chosen to keep their core Funds From Operations (FFO) per share estimate for 2024 steady at $2.38. Still, the forecast for 2025 has been slightly increased to $2.66, up from an earlier estimate of $2.63.
The new December 2024 stock price target of $47.00 per share reflects the latest revisions in JPMorgan's model for Rexford Industrial Realty. This target is set with the expectation of the company's performance through the end of 2024.
Rexford Industrial Realty specializes in the acquisition, ownership, and operation of industrial properties in Southern California. As a REIT, the company's financial performance is often gauged by metrics such as FFO, which provides insight into the company's operating performance.
The maintained Neutral rating indicates that JPMorgan's outlook on Rexford's stock remains unchanged, despite the adjustment in the price target. This suggests that the firm does not see significant positive or negative catalysts that would change its investment stance on Rexford at this time.
InvestingPro Insights
In light of JPMorgan's revised price target for Rexford Industrial Realty, real-time data and insights from InvestingPro can provide additional context for investors. The company's market capitalization stands at approximately $9.78 billion, with a P/E ratio of 39.51, which is above the industry average, indicating a premium valuation for the stock.
Despite a challenging past month where the stock declined by 14.12%, and a three-month drop of 19.85%, Rexford has a history of consistent dividend growth, having raised its dividend for 11 consecutive years.
InvestingPro Tips reveal that analysts are expecting sales growth in the current year, which could be a positive signal for potential investors. Moreover, the stock's RSI suggests it is in oversold territory, which might interest value-oriented investors looking for a rebound.
For those considering a deeper dive into Rexford's financial health and future prospects, there are 8 additional InvestingPro Tips available at https://www.investing.com/pro/REXR. To access these tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors should also note that the company's revenue has grown by 22.02% over the last twelve months as of Q1 2024, with a gross profit margin of 77.09%, reflecting strong operational efficiency. These metrics, alongside the InvestingPro Tips, can help investors make more informed decisions regarding their interest in Rexford Industrial Realty.
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