UPDATE: JPMorgan Downgrades Taubman Centers (TCO) to Neutral

(updated to add analyst comment)

JPMorgan analyst Michael Mueller downgraded Taubman Centers (NYSE: TCO) from Overweight to Neutral with a price target of $42.00 (from $51.00).

The analyst comments "Market sentiment toward the mall REITs continues to be negative, and concerns related to store closures (such as the Forever 21 bankruptcy) arguably make it more difficult for the stock to outperform our overall REIT coverage universe over the near-term. On the positive side, management has created a lot of value this year with its Asia development program/recap, and we believe the current stock price represents a significant discount relative to underlying NAV given TCO’s high productivity U.S. portfolio."

For an analyst ratings summary and ratings history on Taubman Centers click here. For more ratings news on Taubman Centers click here.

Shares of Taubman Centers closed at $38.04 yesterday.

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