Jefferies Initiates EastGroup Properties With Hold (EGP)

Jefferies & Co. is initiating coverage on EastGroup Properties

with a Hold rating and a $42 price target on shares. In a note sent to clients, Jefferies writes, "EastGroup's conservative approach to balance sheet management and capital deployment has helped the company weather the recent economic downturn significantly better than its Industrial REIT peers. Going forward, however, we believe that this approach will likely result in below average earnings growth for EGP." Shares of EGP gained 15 cents yesterday to close at $43.05, a gain of 0.35%.