First Industrial Realty Trust (FR) Shares Tumble as Janney Cuts to Sell Amid Equity Offering

Shares of First Industrial Realty Trust (NYSE: FR) are falling in mid-day trade as an analyst at Janney Capital just downgraded the stock from Neutral to Sell following the company's 8.4 million share equity offering. The firm reduced its price target from $11.50 to $10.50.

The stock was down nearly 5 percent prior to Janney's intraday downgrade, however shares are now down 6.8 percent to $11.72.

Janney cites "steep valuation, lack of earnings growth, and deflation of takeout premium." Related to Wednesday's stock offering, the firm believes "the stock offering portends a slowdown in FR's disposition program, weakness in the core portfolio, and the unlikelihood of a takeout."

For more ratings news on First Industrial Realty Trust click here and for the rating history of First Industrial Realty Trust click here.

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