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RBC Capital Markets LLC downgrades Federal Realty to 'underperform'

RBCCapital Markets LLC analyst Richard Moore II cut his investment opinionof Federal Realty InvestmentTrust to "underperform" from "sector perform,"and decreased his price target to $130 from $136.

The analyst wrote in a research report: "Federal Realtyis a community center REIT with one of the highest quality portfolios of shoppingcenters in the publicly traded REIT sector. Despite the quality of theportfolio, the organic growth alone, which appears to have moderated, is notlikely to support the lofty valuation. We believe these share are likely tounderperform the shopping center sector in the near term."