Federal Realty Investment Trust (FRT) PT Raised to $120 at Citi

Citi analyst Michael Bilerman raised the price target on Federal Realty Investment Trust (NYSE: FRT) to $120.00 (from $105.00) while maintaining a Neutral rating.

The analyst comments "We are updating our FRT model for 2Q results; 2024E FFO remains unchanged. We are raising our target price from $105 to $120 to reflect the increase in our NAV, driven by a 25bps compression in our applied cap rate and higher NOI. The target price reflects 21x 2025E AFFO, which compares to retail peers at 17.1x."

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