Evercore downgrades Rexford to In Line on delayed rent recovery

Evercore ISI analyst Steve Sakwa downgraded Rexford Industrial (REXR) to In Line from Outperform with a price target of $38, down from $39, post the Q2 report. The firm continues to believe in the long-term value proposition of the Sothern California industrial market, but says a recovery in rents is pushed out longer than expected. This provides limited upside near-term for Rexford shares, the analyst tells investors in a research note. Evercore believes market headwinds from supply and rent growth are persisting and it is unclear when the bottom will be reached.