UPDATE: Jefferies Upgrades Federal Realty Investment Trust Following Recent Assembly Row Tour
In a report published Wednesday, Jefferies analyst Omotayo Okusanya upgraded the rating on Federal Realty Investment Trust (NYSE: FRT) from Hold to Buy, and raised the price target from $112.00 to $116.00.
In the report, Jefferies noted, “Based on our recent tour of Assembly Row, we are now convinced about the long term value of this development project. Our recent management meetings on Sept 4th also indicate that: 1) development projects at Pike and Rose as well as Santana Row remain on track and 2) FRT remains on track to keep generating industry leading SS NOI growth. With FRT also well positioned for rising rates, we find the story compelling and upgrade the stock to Buy from Hold.”
Federal Realty Investment Trust closed on Tuesday at $100.75.
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