UPDATE: Key Banc Downgrades Taubman to Underweight

Key Banc lowers its rating on Taubman TCO to Underweight from Hold as it expects growth in the company's portfolio to subside in 2012. Key Banc says, "We expect growth within TCO's portfolio to slow throughout 2012, as gains in store sales productivity moderate from the double-digit growth pace realized over the last several quarters. While this may or may not directly impact leasing spreads in 2012, we expect the declining growth rate in tenant sales to result in a more moderate outlook for leasing in future quarters, which would warrant a lower multiple for TCO shares relative to some of its mall REIT peers. Moreover, we see continued risk that external growth could disappoint as competition for outlet development remains high and Asia is still an unproven avenue for growth." TCO closed at $63.06 per share on Wednesday.