Stifel Downgrades Federal Realty Investment Trust (FRT) to Hold While Raising PT

February 10, 2021 5:08 PM EST
Get Alerts FRT Hot Sheet
Price: $104.25 -1.58%

Rating Summary:
    7 Buy, 16 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 31
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Stifel analyst Simon Yarmak downgraded Federal Realty Investment Trust (NYSE: FRT) from Buy to Hold but raised the price target to $95.00 (from $89.00) after shares surged 12.5% YTD, outperforming the RMS (+5.2%).

The analyst stated "We feel the recent move higher, which has resulted in shares trading at an implied 5.15% cap rate, leaves limited upside from current levels. Additionally, shares are trading at 20.8x 2021E FFO, which is ~6.0x above the group, higher than the average premium of ~5.0x the company has garnered over the last few years. Lastly, while some believe the reopening trade has further room to run, we believe the sector has gotten ahead of itself, and don't believe additional momentum on the reopening front will provide much upside".

For an analyst ratings summary and ratings history on Federal Realty Investment Trust click here. For more ratings news on Federal Realty Investment Trust click here.

Shares of Federal Realty Investment Trust closed at $93.02 yesterday.

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