Eastgroup started a Hold at ISI

|By:, SA News Editor

"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.