JPMorgan downgraded Federal Realty (FRT) to Neutral from Overweight with an unchanged price target of $108. The firm’s bias within retail continues to be more focused on companies with highly visible development and redevelopment pipelines that are driving earnings growth. Though Federal Realty also has a contributing pipeline today, it will be less of a focus for the company going forward, the analyst tells investors in a research note. JPMorgan believes concerns tied to the macro environment and tenant fallout tend to be a relative “benefit” for the more grocery and neighborhood-focused stocks.
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