Taubman Centers Given Neutral Rating at Zacks (TCO)
Taubman Centers (NYSE:TCO)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Thursday, Stock Ratings News reports. They currently have a $68.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 4.81% from the company’s current price.
Zacks‘ analyst wrote, “Taubman is scheduled to report its fourth quarter 2013 results on Feb 12, after the closing bell. The company’s third-quarter 2013 FFO per share exceeded the year-ago quarter figure as well as the Zacks Consensus Estimate. Results reflected a better-than-expected revenue growth that was driven by a rise in minimum rents. In addition, with its solid portfolio of best-in-class retail malls, Taubman is well poised to improve its results in the quarters ahead. Strategic constructions and redevelopments at high-end markets are expected to be accretive to its top line going forward. Its healthy balance sheet and cost saving measures are also encouraging. However, Taubman’s huge development and redevelopment pipeline increases operational risks. Furthermore, tough competition and rising customer purchases through catalogs and the Internet remain a headwind for the demand of its properties. Hence, we remain Neutral on the stock.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Oppenheimer initiated coverage on shares of Taubman Centers in a research note to investors on Monday. They set a “market perform” rating on the stock. Separately, analysts at Merrill Lynch downgraded shares of Taubman Centers from a “buy” rating to a “neutral” rating in a research note to investors on Friday, November 1st. Finally, analysts at Bank of America Corp. downgraded shares of Taubman Centers from a “buy” rating to a “neutral” rating in a research note to investors on Friday, November 1st. They now have a $72.00 price target on the stock, down previously from $80.00. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Taubman Centers currently has an average rating of “Hold” and a consensus target price of $77.56.
Shares of Taubman Centers (NYSE:TCO) traded down 1.14% on Thursday, hitting $64.14. 333,030 shares of the company’s stock traded hands. Taubman Centers has a 1-year low of $61.43 and a 1-year high of $89.46. The stock’s 50-day moving average is $65.23 and its 200-day moving average is $69.21. The company has a market cap of $4.076 billion and a P/E ratio of 42.38.
Taubman Centers (NYSE:TCO) last announced its earnings results on Friday, October 25th. The company reported $0.89 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.88 by $0.01. The company had revenue of $193.93 million for the quarter, compared to the consensus estimate of $189.44 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, analysts predict that Taubman Centers will post $3.61 earnings per share for the current fiscal year.
Taubman Centers, Inc (NYSE:TCO) operates as a self-administered and self-managed real estate investment trust (REIT).
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