Taubman Centers

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Taubman Centers ( TCO)

Company Profile : Bloomfield Hills, Mich.-based Taubman Centers is engaged in the ownership, management, leasing, acquisition, disposition, development and expansion of regional and super-regional retail shopping centers.

Taubman Centers, now with an overweight rating, saw its target price lifted by $6 to $57.

Paolone noted two main drivers of his Taubman upgrade.

"First, we think the stock's relative valuation within the mall sector and overall REIT group is attractive -- particularly on an implied cap rate basis given its high portfolio quality."

"Second, we think marginal fundamentals for TCO's portfolio should improve considerably in 2011 following a year of good sales growth...particularly for higher-end tenants."

The analyst lifted his price target on Taubman "largely on account of a lower assumed discount rate resulting from an improvement in the overall environment (market discount rates and operational improvements)."

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