UPDATE: ISI Group Downgrades Taubman Centers to Neutral on Developed Uncertainty

ISI Group downgraded Taubman Centers

from Buy to Neutral and lowered the price target from $85.00 to $83.00. ISI Group said, "Despite the strong operating metrics at TCO's existing mall portfolio, we're lowering our rating to Neutral from Buy despite yesterday's 2.5% decline, due primarily to the noise surrounding the company's investments in St. Louis and China which are unlikely to be silenced by strong internal growth in the next 3 to 6 months. … We're reducing our PT to $83, as we're now applying a 5% premium to fwd NAV in our PT methodology vs 10% previously, and are also haircutting value in the pipeline related to St. Louis and China." Taubman Centers closed at $79.17 on Thursday.