As previously reported, Argus upgraded Regency Centers to Buy from Hold with a $70 price target. The firm’s upgrade is based on the stock’s valuation, an increase in new assets following the August completion of its acquisition of Urstadt Biddle, and improving leasing statistics, the analyst tells investors in a research note. Shares have outperformed peers and the broad market over the past three months, but the stock’s price to expected FFO multiple of 15.2-times still compares favorably with 16-times for peers, Argus added.
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