UBS Raises Price Target on Taubman Centers (TCO) After Visiting Beverly Center
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UBS reiterated a Neutral rating on Taubman Centers (NYSE: TCO), and raised the price target to $80.00 (from $77.00), after visiting the company's current redevelopment at the Beverly Center.
Analyst Jeremy Metz commented, "We toured TCO's current redevelopment at the Beverly Center this week, as well as Westfield's Century City revamp and Caruso's The Grove. Beverly Center was long overdue for a refresh. At a cost of $500m the center is getting that and more. Touring with the center's GM, and after seeing WFD's active redev/expansion down the road, it feels like the phasing at Beverly should help minimize major disruption (a la Century City). That said, we get the sense that a net NOI decline of $5-$10m during construction is probably a fair expectation at this stage, though it's clearly still early in the process and stiff competition from Century City/The Grove is not lacking."
Shares of Taubman Centers closed at $76.09 yesterday.
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