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D.A. Davidson & Co. initiates coverage of Federal Realty at 'neutral'

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D.A. Davidson & Co. initiates coverage of Federal Realty at 'neutral'

D.A.Davidson & Co. analyst James Lykins initiated coverage ofFederal Realty InvestmentTrust with a rating of "neutral," and a price target of$160.

The analyst wrote in a research report: "Federal hasone of the highest quality portfolios among the retail REITs, if not thehighest. Many of its assets go beyond the 'live, work, play' mantra havingcreated environments that provide its customers with an experience, and notjust a place to shop." The analyst added: "We forecast 2016 and 2017FFOPS of $5.69 and $6.03, respectively. The stock is trading at ~27x our 2016 FFOestimate, a rich valuation in our opinion, compared to its peer group tradingat ~19x 2016 estimates. We derive our $160 price target based on a multiple of28x our 2016 estimate. We also note the stock is trading at a ~4% premium toour NAV estimate of $149.55."