UPDATE: Jefferies Color On TCO Target Increase

Jefferies, which

on shares of Taubman Centers

, is providing some color on the stock. “Our 12-month $56 PT is derived via our (

) and implies that one 1-year from now, TCO will trade at 18.5x and 16.5x our core '11/'12 FFO/sh est. (ex. Pier and Regency), respectively,” Jefferies writes. “The key risk is timing around the transfer of Pier and Regency. “We are revising our 2011/2012 FFO/sh. est (including impact of Pier and Regency) to $2.74 and $3.13, respectively, from $2.74 and $3.00.” Taubman Centers currently trades at $10.39.