LXP Industrial Trust initiated with an Outperform at BMO Capital
BMO Capital initiated coverage of LXP Industrial Trust with an Outperform rating and $65 price target. The company has spent the past 13 years repositioning from a mixed-use net lease to a pure-play industrial REIT focused in 12 Sunbelt and Midwest markets, which is seeing outsized demand due to manufacturing and net migration trends, the analyst tells investors in a research note. BMO adds that it sees LXP's 35% multiple discount narrowing due to its improved earnings growth and tenant flight-to-quality, the firm added.
BMO Capital initiated coverage of LXP Industrial Trust with an Outperform rating and $65 price target.
The company has spent the past 13 years repositioning from a mixed-use net lease to a pure-play industrial REIT focused in 12 Sunbelt and Midwest markets, which is seeing outsized demand due to manufacturing and net migration trends, the analyst tells investors in a research note.
BMO adds that it sees LXP's 35% multiple discount narrowing due to its improved earnings growth and tenant flight-to-quality, the firm added.