- KeyBanc Capital Markets analyst Todd M. Thomas upgraded LXP Industrial Trust (NYSE:LXP) to Overweight from Sector Weight with a price target of $12.
- The analyst believes LXP’s single-tenant, net lease industrial portfolio is doing well and expects steady future growth, with leasing spreads below 20% (around 33% of annualized base rate) scheduled to expire through 2026.
- Also, Thomas expects development leasing to continue improving and support core growth.
- However, the analyst sees the four non-core office assets (especially 1701 Market Street, Philadelphia) as an overhang, and projects disposition in the near term should benefit the company.
- Thomas raised the estimate for FFO per share to $0.70 (from $0.69) vs. a consensus of $0.68 for 2023 on expected higher net operating income run-rate in the quarter.
- The analyst reduced FFO per share estimate to $0.70 (from $0.71) versus a consensus of $0.71 for 2024 on projected dilution from non-core office asset sales.
- Earlier this month, LXP reported Q1 2023 revenues of $85.1 million, beating the consensus of $81.3 million.
- Price Action: LXP shares are trading higher by 1.73% at $9.99 on the last check Monday.
IGM Announces Pricing Of $107.3M Upsized Public Offering Of 3,285,327 Shares Of Its Voting Common Stock And 7,312,500 Shares Of Its Non-Voting Common Stock At $8/Share; Also Concurrent Private Placement Of 2,812,500 At $8/Share
IGM Biosciences, Inc. (NASDAQ:IGMS) today announced the pricing of its upsized underwritten public offering of 3,285,327 shares of its voting common stock and 7,312,500 shares of its non-voting common stock, in each case
