Mizuho downgraded Federal Realty to Neutral from Buy with a price target of $101, down from $105. The analyst sees a “less attractive GARP profile” into fiscal 2024 for the company with more debt refinancing and office lease-up headwinds. Federal Realty’s elevated exposure to office, particularly Santana Row, and higher variable rate debt will remain near-term headwinds, the analyst tells investors in a research note.
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