UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Taubman Centers on Slowing Sales Growth

In a report published Monday, Jefferies reiterated its Hold rating on Taubman Centers

, but lowered its price target from $85.00 to $79.00. Jefferies noted, “Class A mall fundamentals remain strong, but luxury sales growth is slowing. We believe value oriented retail is a better play and should continue to thrive in 2013 given another year of slow GDP growth and political uncertainty. Our favorite retail REIT names remain Simon Property Group (SPG) and Tanger Factory Outlets (SKT) given their combined dominance in the outlet mall space and substantial development pipeline.” Taubman Centers closed on Friday at $77.04.