Mizuho upgraded First Industrial Realty to Buy from Neutral with an unchanged price target of $55. The analyst sees a positive risk/reward at current share levels. The relative strength of First Industrial’s sub-markets is underappreciated and is likely to drive positive earnings revisions, the analyst tells investors in a research note. The firm now sees greater probability for the company to gain share as it attempts to lease-up its development pipeline and believes the risk of very slow lease-up is priced in.
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