KeyBanc Upgrades First Industrial Realty Trust (FR) to Buy, Sees Dividend Reinstatement

September 20, 2012 8:29 AM EDT Send to a Friend
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Price: $21.28 -0.05%

Rating Summary:
    5 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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KeyBanc upgraded First Industrial Realty Trust (NYSE: FR) from Hold to Buy with a price target of $15.00.

The firm comments, "First Industrial has outperformed the broader REIT sector by 1,060 bps year-to-date as the combination of the much improved balance sheet, momentum on the leasing front (including the earlier than expected lease-up at the 700ksf Moreno Valley development) and shift to offense from the defensive have helped to mitigate risk and position the Company for growth. Accordingly, we expect that there is additional fuel in the tank given the potential reinstatement of the dividend in either 2H12 or 2013 and the ramp in the development program."

For an analyst ratings summary and ratings history on First Industrial Realty Trust click here. For more ratings news on First Industrial Realty Trust click here.

Shares of First Industrial Realty Trust closed at $13.20 yesterday.

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