J.P. Morgan Reiterates Neutral Rating on Federal Realty Investment Trust Following 2Q Results Report
In a report published Friday, J.P. Morgan analyst Michael W. Mueller reiterated a Neutral rating and $115.00 price target on Federal Realty Investment Trust (NYSE: FRT).
In the report, J.P. Morgan noted, “After Thursday's close, Federal Realty reported 2Q results that came in $0.01 ahead of our estimate and $0.02 ahead of consensus. The quarter's operating metrics were very strong, and management increased 2013 earnings guidance a penny. SS sequential occupancy increased 20 basis points, and cash leasing spreads came in at 15% in the quarter—22% if excluding a Best Buy-related lease at Santana. The close to $600 million development/redevelopment pipeline continues to be a major focus for the company, and there were no changes to expectations for any of the projects in the pipeline. We believe that the acquisition environment (FRT has not acquired anything since Darien) and development/redevelopment leasing will be key focal points on the earnings call.”
Federal Realty Investment Trust closed on Thursday at $106.00.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.