Regency Centers initiated with a Neutral at Mizuho

Mizuho analyst Haendel St. Juste initiated coverage of Regency Centers with a Neutral rating and $60 price target. The analyst believes Regency has one of the highest-quality portfolios in shopping centers, anchored by “defensive tenants in favorable demographics, supported by one of the best balance sheets in the space.” However, macro headwinds from stagflation and higher costs suggest the stock is likely range-bound near-term until there is more clarity on the magnitude and timing of earnings recovery in the second half of 2024, the analyst tells investors in a research note.