Goldman Sachs Neutral On Federal Realty

Goldman Sachs is out with a research report on Federal Realty Invmt Trust FRT and it has a Neutral rating and a $78 price target on shares. In a note to clients, Goldman Sachs writes, "We maintain our Neutral rating on Federal Realty and raise our 12-month NAV-based price target to $78 from $77, indicating a total return potential of -1.0%. While we have been cautious on shopping centers this year (KIM, REG and WRI are all rated Sell), we have preferred FRT on a relative basis given its higher asset quality, superior demographic profile, and strong balance sheet. In our view, current valuation reflects private-market values for infill grocery-anchored centers, with cap rates in the 5.5% to 6.5% range." Shares of FRT are down $1.19 to $80.42 in late Friday trading.