Citi upgraded Federal Realty to Buy from Neutral with a price target of $135, up from $120. The analyst cites the company’s accelerating funds from operations growth in 2025 and discounted multiple relative to its historic average for the upgrade. A quicker lease-up of remaining space at the Santana West and 915 Meeting Street could represent incremental near-term funds from operations, the analyst tells investors in a research note. Citi believes Federal’s high quality portfolio has above average rent bumps versus peers and premium income demographics.
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