As previously reported, Compass Point upgraded Regency Centers (REG) to Buy from Neutral with a price target of $72, up from $65. The firm is taking profits on Acadia Realty Trust (AKR) shares, which have outperformed sector peers in 2023 by 7.3% and the REIT index by 5.9%, while buying into Regency shares, which have largely matched peers and the REIT index. Their respective 2024 earnings growth paths will diverge, with Regency expected to post above average 5.1% growth while Acadia’s headline FFO will decline by 2.8%, based on the firm’s estimates, the analyst tells investors.
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Read More on REG:
- Regency Centers upgraded to Buy from Neutral at Compass Point
- Regency Centers price target raised to $68 from $66 at Evercore ISI
- Regency Centers narrows FY23 FFO view to $4.13-$4.15 from $4.11-$4.15
- Regency Centers reports Q3 FFO $1.02, consensus $1.01
- Regency Centers Reports Third Quarter 2023 Results