First Industrial Realty price target lowered to $50 from $58 at Scotiabank

Scotiabank analyst Nicholas Yulico lowered the firm’s price target on First Industrial Realty (FR) to $50 from $58 and keeps a Sector Perform rating on the shares. The firm sees slowing U.S. net absorption in the U.S. Industrial REITs sector and expects no occupancy recovery in the market for 2H of 2025, the analyst tells investors. While Industrial REITs have underperformed since Trump’s tariff announcement, the firm sees little potential for positive catalysts over the year and believes Street estimates for 2026-2027 are too high.