First Industrial Realty price target raised to $63 from $60 at Citi

Citi raised the firm’s price target on First Industrial Realty (FR) to $63 from $60 and keeps a Neutral rating on the shares. The firm is updating its First Industrial Realty model to reflect Q4 results and revised forward expectations. Accordingly, Citi’s 2026 funds from operations estimate increases to $3.14 from $3.13 and its 2027 FFO estimate increases to $3.36 from $3.34. The firm says its price target change reflects a higher target 2026 adjusted funds from operations multiple of about 23.5 times versus its prior 22 times multiple 2026 AFFO multiple, given the inflection in industrial leasing demand and incremental progress on development leasing.