Piper Sandler last night upgraded EastGroup Properties (EGP) to Overweight from Neutral with a price target of $220, up from $185. The firm says the New York City office space has emerged among the best positioned in real estate given the “ever-tightening” market. EastGroup’s tenants are driven by local economies, not foreign trade, which suggests this year’s pause was more about general nervousness versus actual slowdowns, the analyst tells investors in a research note. Piper believes there could be pent-up demand that benefits the company’s 2026 leasing, assuming the economy improves.
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