Evercore ISI analyst Steve Sakwa upgraded Federal Realty to Outperform from In Line with a price target of $108, up from $104. Federal has lagged peers year-to-date and its relative value has improved significantly, argues the analyst, who sees a good risk/reward profile moving into 2024 with the stock trading north of a 7% implied cap rate. The analyst has also rolled forward its valuation framework to capture one additional year of earnings growth and is rolling forward AFFO estimates from 2024 to 2025.
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