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Citi upgrades Highwoods Properties (NYSE: HIW) and Taubman Centers (NYSE: TCO) from Sell to Hold. Citi also upgrades Mack-Cali Realty (NYSE: CLI), Home Properties (NYSE: HME), Tanger Factory Outlet Centers (NYSE: SKT) and Ventas, Inc. (NYSE: VTR) from Hold to Buy.
Citi analyst says, "While we maintain a relatively cautious stance on the sector, we are taking baby steps and selectively upgrading two stocks from Sell to Hold (HIW and TCO) and four stocks from Hold to Buy (CLI, HME, SKT and VTR – joining ARE and SPG already rated Buy). Headwinds on the sector will persist – fundamentals are weakening, financing availability is low, costs are high and we have yet to see carnage in the private market. All of the upgrades are based on increasing value at the margins, backed by balance sheet capacity/strength and companies where we think fundamentals can fare
better than peers."
Ventas, Inc. a real estate investment trust (REIT) with a portfolio of seniors housing and healthcare-related properties in the United States and Canada.
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