Piper Sandler analyst Alexander Goldfarb raised the firm's price target on Federal Realty to $127 from $115 and keeps an Overweight rating on the shares. The firm's enthusiasm for buybacks is tempered by the balance between asset sales and need for REITs to deliver earnings growth. Ideally, excess free cash flow should go to buybacks assuming leverage is not materially impacted. Most teams are moderating external activities, with acquisitions matching dispositions.
