First Industrial Realty Trust, Inc. (FR)

Shares of First Industrial Realty Trust (FR) dropped by 4.16% from $47.08 to $45.12 in the trading on Thursday, October 12, 2023. The reason why FR stock down is due to a downgrade rating. KeyBanc Capital Markets analyst Todd M. Thomas downgraded FR to Underweight from Sector Weight with a price target of $42. Thomas is concerned about longer leasing timelines for new development projects, which could impact FR's growth prospects compared to its peers. He expects this slower leasing pace to affect FY24 FFO estimates and potentially lead to downward revisions if cost capitalization ends before leases begin. As a result, Thomas lowered the 2024 FFO per share estimate to $2.61 while maintaining the 2023 estimate at $2.44.