Jefferies analyst Linda Tsai upgraded Federal Realty (FRT) to Buy from Hold with a price target of $115, up from $101, as part of a broader research note previewing 2026 for Retail REITs. The firm sees retail as “well positioned” with a strong lease backlog starting in FY26-27 while supporting net operating income growth, the analyst tells investors in a research note. Federal Realty is expanding its reach into high household income non-coastal Metropolitan Statistical Areas, and while enclosed mall REITs are trading above 5-year average multiples, no new supply and net operating income weighting to higher-end consumers suggest resilience for Federal Realty, the firm added.
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