Baird upgraded Regency to Outperform as most defensive name in shopping centers

Baird analyst Wesley Golladay upgraded Regency Centers to Outperform from Neutral with an unchanged $71 price target. The analyst states that he is long-term bullish on shopping centers, though 2023 will be more balanced for the industry due to expectation tenant churn will increase. Golladay adds that Regency Centers is the "most defensive name" within his shopping center coverage due to the high quality of the portfolio and strong balance sheet, noting that these attributes will be more appreciated should tenant churn increase.