UPDATE: J.P. Morgan Upgrades First Industrial Realty Trust to Neutral, Reiterates $14 PT
In a report published Wednesday, J.P. Morgan & Co. upgraded its rating on First Industrial Realty Trust (NYSE: FR) from Underweight to Neutral, and reiterated its $14.00 price target.
J.P. Morgan noted, “While FR still has a fair amount of de-leveraging to be done - which will likely be dilutive to earnings – we rate the shares Neutral as we believe leasing traction is improving, the company could be moving closer towards reinstating a stock dividend, and the stock trades at a significant discount to its peers.”
First Industrial Realty Trust closed on Tuesday at $13.46.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.