Deutsche Bank analyst Omotayo Okusanya upgraded Federal Realty Investment Trust to Buy from Hold with a price target of $110, up from $109. The analyst believes recent office lease announcements should alleviate investor concern around the office component of Federal Realty’s mixed use properties, and support multiple expansion given its current “discounted valuation versus history.” Further, management has struck a more aggressive tone on external growth which could drive further earnings upside given the comapny’s cost of capital advantage versus peers, the analyst tells investors in a research note.
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