First Capital REIT (FCR-UN:CA) Analysts Update Coverage

First Capital REIT (FCR-UN:CA) 

Analyst Updates

TD Securities maintained its Buy rating and 12 month target price of $23.00 on First Capital Reit’s stock, implying confidence in the REIT’s earnings durability and valuation upside. TD’s stance likely reflects constructive fundamentals in necessity-based retail real estate, including resilient occupancy levels, embedded rental growth, and steady net operating income (NOI) trends. With grocery-anchored and urban mixed-use properties forming the core of its portfolio, TD appears comfortable with First Capital’s defensive characteristics and redevelopment pipeline supporting medium-term NAV growth.

Scotiabank maintained a Sector Perform rating on the stock with a 12 month target price forecast of $21.00  per share, indicating a more balanced risk-reward outlook. While acknowledging operational stability, Scotiabank’s stance suggests the shares are trading closer to fair value relative to peers in the Canadian retail REIT space. The more neutral positioning reflects sensitivity to interest rate expectations, refinancing costs, and a view that incremental upside will depend on clearer acceleration in same-property NOI growth or capital recycling progress.

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