BOSTON (TheStreet) -- U.S. stocks gained Wednesday as lower producer prices confirmed that concern about inflation is premature.
Dow Jones Industrial Average
rose to a one-year high. Here are three real estate investment trusts, or REITs, that climbed to 52-week highs. The REITs have soared over the past year and are now approaching the most-bullish targets of sell-side analysts. Does this indicate investor complacency or improved fundamentals?
3. Taubman Centers
rose 2% to $41.89, recording a high of $41.81. Shares of the shopping-center owner have rallied 12% in the past month.
: Taubman swung to a fourth-quarter profit of $7.6 million, or 7 cents a share, from a loss of $97 million, or $1.90, a year earlier. Revenue dropped 14% to $169 million. The operating margin narrowed from 38% to 31%. Taubman holds $20 million of cash and $2.7 billion of debt.
: Taubman Centers has surged 152% in the past year, outperforming major benchmarks. The stock trades at a price-to-projected-earnings ratio of 40, a premium to the market, but a 35% discount to its peer group average. It's also cheap based on sales and cash flow. Shares offer a 4% distribution yield.
: Of analysts covering the REIT, three recommend purchasing its stock, six advise holding and two suggest selling the shares.
Bank of America
expects the stock to advance to $43 and
Keefe, Bruyette & Woods
projects it will hit $42, implying that there is limited remaining upside.
2. Boston Properties
climbed 1.9% to $77.14, hitting a high of $77.35. Shares of the office-building owner have advanced 18% during the past four weeks.
: Boston Properties swung to a fourth-quarter profit of $53 million, or 38 cents, from a loss of $98 million, or 81 cents, a year earlier. Revenue soared 90% to $379 million. The operating margin climbed from negative territory to 39%. The REIT holds $1.5 billion of cash and $6.7 billion of debt.
: Boston Properties doubled in the past 12 months, beating indices. The stock sells for a price-to-projected-earnings ratio of 52, a premium to the market, but a 15% discount to the industry average. It's expensive when considering book value and cash flow. The shares offer a 2.6% distribution yield.
: Of researchers following Boston Properties, nine, or 47%, advocate purchasing its shares and 10 say to hold them.
forecasts the stock will climb 11% to $85 and
Bank of America
speculates it will hit $83, with modest gains ahead.
model rates Boston Properties "hold."
1. Simon Property Group
increased 1.8% to $85.65, touching a high of $85.74. Shares of the shopping-mall owner have returned 13% during the past four weeks.
: Fourth-quarter net income decreased 36% to $98 million and earnings per share plummeted 50% to 32 cents, hurt by a higher share count. Revenue increased marginally to $1.1 billion. The operating margin inched down from 44% to 43%. The balance sheet stores $4 billion of cash and $19 billion of debt.
: Simon Property Group has soared 153% in the past year, outpacing benchmarks. The stock trades at a price-to-projected-earnings ratio of 36, a premium to the market, but a 40% discount to the industry average. It's costly when comparing book value and sales. The shares offer a 2.8% distribution yield.
: Of analysts covering Simon Property Group, 11, or 65%, rate its stock "buy" and six rate it "hold."
offers the loftiest price target, at $89, implying just 4% of existing upside.
are also bullish on the REIT, but it is nearing or has surpassed their price projections.
-- Reported by Jake Lynch in Boston.