First Industrial Realty resumed with a Sell at Goldman Sachs

Goldman Sachs analyst Caitlin Burrows resumed coverage of First Industrial Realty with a Sell rating and $48 price target. The firm believes tenants want to retain the space they already have, but remain hesitant on leasing new space. Goldman estimates average FFO growth rate over the three years of 2023-2025 will be 7.3%, which is lower than the industrial REIT sector simple average of 10.4% growth.