Truist raised the firm’s price target on First Industrial Realty to $57 from $48 and keeps a Buy rating on the shares as part of a broader research note on REITs. The firm is relatively bullish on the sector following a challenging 2023 that was mired by volatile inflationary environment and believes that REITs should benefit from a favorable backdrop of improved cost of capital environment, liquidity and attractive valuation levels, the analyst tells investors in a research note.
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