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Regency Centers Corp (NYSE: REG) is trading just above its 52-week low of $64.82 at $68.67 and down around 20 percent from its high-point in late July.
Argus analyst Jacob Kilstein upgraded the stock to Buy from Hold and placed an $80 target price on the stock, citing the discounted share price and “consistently strong operating results” as the key points in his thesis.
“Our Buy rating reflects the company’s focus on grocery-store-anchored shopping centers in first-ring suburbs and the generally stronger outlook for grocery stores than for general retail,” said Kilstein.
Regency saw a 7 percent growth in revenue and 8 percent core FFO growth in Q3, according to the analyst.
In addition, Regency announced a merger with fellow REIT Equity One, Inc. (NYSE: EQY) on November 14 (close expected in first half of 2017). This merger will create the largest shopping center REIT with a $15.6 billion market cap and add cost savings of $27 million by 2018.
At last check, Regency Centers shares were trading up 1.51 percent at $68.71.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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