UPDATE: J.P. Morgan Raises PT on First Industrial Realty Trust to $9.50

J.P. Morgan is out with its report today on First Industrial Realty Trust

, raising its PT from $8 to $9.50. In a note to clients, J.P. Morgan writes, "We increase our December 2011 price target to $9.50/share from $8/share. Our price target is primarily determined using a DCF valuation methodology. For cash flow, we use our near-term dividend forecasts, combined with a 4% long-run earnings growth rate and a 90% long run AFFO payout ratio. We use a ~9.25% discount rate, which we have revised down modestly to reflect the continued progress the company is making to strengthen its balance sheet." J.P. Morgan maintains Overweight on FR. Shares of FR closed Monday at $11.42, down 2.48% from Friday's close.