Morgan Stanley analyst Ronald Kamdem upgraded Regency Centers to Overweight from Equal Weight with a price target of $75, up from $62. The firm, which named Regency as a top pick, says Regency’s 14% valuation premium to peers is relatively in-line with the 5 year average of 12% and there is a case for a re-rating based on portfolio quality, balance sheet and growth, the analyst tells investors in a research note. Regency has a 1.6M square foot pipeline of executed leases yet to commence, plus an additional 1.3M square foot pipeline of leases in negotiation or under LOI, the firm notes.
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