J.P. Morgan Likes Taubman Centers (TCO)
J.P. Morgan likes what Taubman Centers (NYSE: TCO) had to say in its earnings report yesterday, but is still reiterating its Neutral rating and $43 price target on shares of the REIT.
In the report, J.P. Morgan goes on to say, "Tuesday evening, Taubman Centers reported Q2 results that came in $0.01-0.02 ahead of our estimate after adjusting for differences in lease-term and land sale income. Our early read on the quarter heading into Wednesday’s call is generally positive largely due to strong sales and
marginal rent trends that seemingly are factoring into the guidance increase. Management noted that the Q2 stats were on track with expectations despite the YOY occupancy gaps widening slightly compared to Q1, but the better guidance implies that occupancy and new rent levels should continue to improve in 2H."
Shares of Taubman Centers are at $41.69, up 1 cent today.
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