Wells Fargo assumed coverage of Federal Realty (FRT) with an Overweight rating with a price target of $113, down from $116. The firm views Strip REITs as positioned for relatively defensive and visible growth from a favorable supply outlook, pricing power with tenants with historically strong multi-year leasing pipelines, stable cash flows despite tariff concerns, and accretive capital recycling opportunities. The transaction market is robust with institutional capital under-allocated to the space, and Wells expects REITs to benefit from greater interest and higher pricing.
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