ARGUS Reiterates 'Hold' Rating on Taubman Centers (TCO)
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ARGUS reiterates a 'Hold' rating on Taubman Centers Inc. (NYSE: TCO).
ARGUS analyst says, "In our view, the shares of this real estate investment trust (REIT) appear fully valued at current prices. TCO's strategy - catering to the high end of the retail market - appears to be the right one. Over the last 10 years, TCO shares provided an average annual return of about 21%. The company has maintained an average occupancy rate of about 90% for the past five years. At the end of 2Q08, Taubman's occupancy was 90.0%, down slightly from 91.4% at the end of 2007...TCO is developing several new shopping centers that could drive revenue growth in the near term. We note, however, that TCO's price/FFO ratio was the highest in its peer group of seven mall REITs at the end of July, according to the industry group NAREIT."
Taubman Centers, Inc. (TCO) operates as a self-administered and self-managed real estate investment trust (REIT). [SM]
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