JPMorgan Upgrades Regency Centers (REG) to Overweight
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JPMorgan analyst Michael W. Mueller upgraded Regency Centers (NASDAQ: REG) from Neutral to Overweight with a price target of $67.00 (from $65.00).
The analyst comments "This upgrade is reflective of the improving retail backdrop and increasing exposure to the re-opening recovery via a high quality portfolio and a company that has the liquidity to play offense via its development pipeline and acquisitions. Having a heavy small shop concentration with sizeable exposures to local tenants and ‘lockdown markets’ were headwinds in 2020, but in 2021/2022 they could shift to tailwinds as we move further into the recovery. There is clearly still risk as evidenced by its slightly larger than average COVID-reserves versus others, but the demand picture has improved which is encouraging. We recognize that the stock outperformed in the recent recovery trade (November 2020 – February 2021) and that it trades at one of the lower implied cap rates in the strip center, but we see this as being quite reasonable given the portfolio quality and that the in-place cash flows are based on just ~85%+ rent paying occupancy level…something that should continue to improve from here."
Shares of Regency Centers closed at $62.79 yesterday.
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