2023-05-15 12:48:59 ET
LXP Industrial Trust ( NYSE: LXP ) shares gained 2.2% in Monday afternoon trading after KeyBanc upgraded the REIT to Overweight from Sector Weight on expectations that "growth should remain steady" with leasing spreads of over 20% as well as favorable development leasing.
In addition, analyst Todd Thomas pointed out that the company's four non-core office assets "have been an overhang on the stock, in our view, and it appears one or more dispositions may materialize in the months ahead that could be a meaningful catalyst for the stock," he wrote in a note, pointing to the pending sale of 1701 Market Street, Philadelphia.
Shares of LXP ( LXP ) dipped 2.1% since the start of 2023 and 13.1% from a year ago. At current prices, Thomas said, LXP looks to be attractively valued.
The Overweight rating agrees with the Quant system rating of Buy and diverges from the average Wall Street analyst rating of Hold.
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LXP Industrial upgraded to Overweight at KeyBanc on favorable leasing