UPDATE: ISI Group Upgrades Taubman Centers to Buy

ISI Group raises its rating on Taubman Centers

to Buy from Hold and increases its price target to $75 from $70 as it believes the company's portfolio deserves a stronger valuation. ISI Group says, "Taubman's portfolio will continue to benefit from the strength of the upper-tier consumer and subsequently strengthening demand from retailers to either gain or increase their presence in class ‘A' regional malls. After meeting with management teams of several large retailers at ICR XChange in January, it was clear that growth strategies were centered on high-quality mall expansion (either new stores or expansion of existing), and CPP's acquisition demonstrates that institutional investors will pay top dollar for strong retail assets." TCO closed at $68.34 a share on Tuesday.