UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Taubman Centers Following 2Q13 Post Review

In a report published Monday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on Taubman Centers TCO, but lowered the price target from $83.00 to $81.00. In the report, Jefferies noted, “2Q13 results and management commentary highlighted that tenant sales growth is moderating and the cost recovery ratio is declining, which tempers our still favorable outlook for TCO and higher-end retail in general. We continue to believe that TCO is appropriately valued and maintain our Hold rating.” Taubman Centers closed on Friday at $76.41.