Jefferies Reiterates Hold, $36 PT On Regency Centers

In a note out today, Jefferies reiterated a hold rating and $36 price target on real estate investment trust Regency Centers

. The price target is below where the stock currently trades. “While we were impressed with mgmt's 2012 SS NOI projection of +1.5%-+3.0%, 2012 FFO/sh guidance of $2.36-$2.50 was below consensus of $2.51E. We expect REG stock to underperform tomorrow on expectations of downward earnings revisions. REG is still in a transition phase towards generating superior earnings growth and as such, we maintain our “show me the money” view before we get more constructive on the stock,” Jefferies said in the note.