UPDATE: Argus Downgrades Regency Centers (REG) to Hold
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Argus analyst Jacob Kilstein downgraded Regency Centers (NASDAQ: REG) from Buy to Hold.
The analyst comments "We are lowering our rating on Regency Centers Corp. (NYSE: REG) to HOLD from BUY as the stock has exceeded our former target price of $53. Regency shares are up more than 16% over the past three months and 37% over the past six months, and appear fully valued at 17.7-times projected 2021 NAREIT FFO, above the five-year historical average of 15.2 and the peer average of 16.0. We would consider returning REG to our BUY list in the event of a nonfundamental pullback in the share price or an improvement in our fundamental outlook for the company."
Shares of Regency Centers closed at $56.66 yesterday.
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