Seeking Alpha

Eastgroup started a Hold at ISI

  • "Our $57 price target is a weighted average of our $60 forward NAV, $57 discounted cash flow, and a 'targeted' 18x multiple on 2015 AFFO," says ISI, initiating Eastgroup Properties (EGP +1.6%) at Hold.
  • The team likes Eastgroup and likes the sector in which it invests - industrial properties in the Sun Belt - but doesn't find the valuation compelling, noting the stock's high relative multiple to other REITs.
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