UBS on U.S. Retail REITs: We Still Like Class A Mall - MAC Remains Top Pick

May 1, 2012 1:17 PM EDT Send to a Friend
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Price: $82.84 +0.57%

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UBS on U.S. Retail REITs: We Still Like Class A Malls

Analyst, Christy McElroy, said, "Following stellar Q1 results from SPG and TCO (providing further evidence of fundamental strength in high quality malls), in addition to favorable private market data points, we’re hard-pressed to see what ends the positive momentum in the stocks...We continue to favor Buy-rated Macerich Co. (NYSE: MAC) (reporting Wednesday) as our top pick. We like SPG and TCO from a relative standpoint, given robust property NOI growth, visible re/development pipelines, and strong balance sheets with ample access to low-cost capital."

Raising Numbers

For Simon Property (NYSE: SPG), UBS raises FY12 FFO from $7.25 to $7.52 and FY13 from $7.66 to $7.95. Price target raised from $140 to $158.

For Taubman (NYSE: TCO), UBS raises FY12 FFO from $3.20 to $3.21 and FY13 from $3.44 to $3.50. PT raised from $72 to $79.


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