BTIG analyst Michael Gorman maintained a Buy rating on Regency Centers (REG – Research Report) yesterday and set a price target of $79.00.
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Michael Gorman has given his Buy rating due to a combination of factors surrounding Regency Centers’ strong financial performance and solid future outlook. The company reported higher-than-expected funds from operations per share for the fourth quarter of 2024, surpassing both internal estimates and market consensus. This performance was driven by robust rental revenue and efficient expense management, leading to a notable increase in net operating income.
Additionally, Regency Centers’ guidance for fiscal year 2025 suggests continued growth, with expectations of a 6% increase in funds from operations per share. The company plans to be a net acquirer, with significant investments in acquisitions and development, which bodes well for future growth. Despite a slight anticipated dilution in cap rate spread, the company’s strategic investments and strong leasing metrics, including a high leased percentage and substantial cash flow potential, position it well for stability and growth. These factors collectively support the Buy rating as Regency Centers is expected to outperform its peers.
Gorman covers the Real Estate sector, focusing on stocks such as Regency Centers, Agree Realty, and Equity Residential. According to TipRanks, Gorman has an average return of 5.2% and a 50.51% success rate on recommended stocks.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a $82.00 price target.