First Industrial Realty price target raised to $58 from $55 at Mizuho

Mizuho raised the firm’s price target on First Industrial Realty to $58 from $55 and keeps a Buy rating on the shares. It is rare to see real estate investment trusts underperform two years in a row and, after a weak 2023 and 2023, investors may be looking forward to some REIT outperformance in 2024., the analyst tells investors in a research note. The macro environment should be more supportive – with a high likelihood that the Federal Reserve cuts rates and that a “Bull Steepen” is seen – which has been good for REITs at least historically, says the firm. However, Mizuho stays defensive, saying real estate fundamentals continue to decelerate, and there are risks to the widely held view of a 2025 rebound.