First Industrial Realty Trust (FR) PT Raised to $48 at Mizuho Securities

November 13, 2020 7:27 AM EST
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Price: $54.65 -0.24%

Rating Summary:
    7 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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Mizuho Securities analyst Omotayo Okusanya raised the price target on First Industrial Realty Trust (NYSE: FR) to $48.00 (from $46.00) while maintaining a Buy rating.

The analyst commented, "Harkening back to their 2017 Investor Day, FR again laid out a path to achieve 9% annual AFFO growth through 2023, expecting to reach $260M of AFFO by 2023 YE (or $1.97/sh).

Takeaways from the Investor Day support our positive thesis that FR can generate superior (~9%) AFFO/sh growth during this same period through 1) internal growth, 2) external growth via acquisitions & speculative development, given e-commerce tailwinds and 3) minimal equity raises. The valuation gap vs. peers thus looks like a buying opportunity, as the gap should close as FR increases its coastal exposure, and sells out of non-core property types (light industrial and R&D/Flex). We reiterate our Buy and raise PT to $48."

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