Deutsche Bank Downgrades Regency Centers (REG) to Hold
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Deutsche Bank downgrades Regency Centers (NYSE: REG) from Buy to Hold and lowers their price target from $80 to $58.
The firm also lowers their FFO per share estimate in 2008 from $4.63 to $4.45 and reduces their FFO per share estimate in 2009 from $5.00 to $4.30.
The firm cited valuation as the reason for the downgrade and reduced earnings estimates and a higher cap rate assumption as the reason for the lower price target.
The $58 price target reflects their forward Enterprise Value in mid 2009 at a 7.5% cap rate.
Regency Centers Corporation (Regency) is a qualified real estate investment trust (REIT), focused on owning, operating and developing community and neighborhood shopping centers that are tenanted by grocers, anchors, specialty retailers and restaurants located in areas with above average household incomes and population densities.
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