UPDATE: JP Morgan Downgrades Federal Realty Investment Trust to Neutral on Lack of Relative Upside
JP Morgan downgraded Federal Realty Investment Trust (NYSE: FRT) from Overweight to Neutral and maintained a $114.00 price target.
JP Morgan commented, "While the stock is a blue chip/core holding in the REIT space and has strong intermediate-term growth prospects, we believe that the “cat's out of the bag” with respect to the company's strong positioning and we see near-term catalysts elsewhere in the REIT space at this time. … FRT trades at 23.4x our 2013 FFO/share estimate, a 35% premium to the strip center group's average multiple."
Federal Realty Investment Trust closed at $106.26 on Tuesday.
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