Federal Realty downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Alexander Goldfarb downgraded Federal Realty Investment Trust (FRT) to Neutral from Overweight with a price target of $112, down from $115. The analyst cites anticipated higher refinancing expense for the downgrade. Further, Federal Realty’s growth is less than peers despite trading at a higher multiple, Goldfarb tells investors in a research note. The analyst says Federal Realty "has earned its premium," but he sees better value in peers Brixmor (BRX) and Kite Realty Group (KRG).