UPDATE: Morgan Keegan Lowers Price Target on Regency Centers Corporation from $48 to $40

Morgan Keegan has published a report on Regency Center Corporation REG lowering the price target from $48 to $40. In the report, Morgan Keegan wrote, "REG reported 2Q 2011 FFO of $0.61/share. Recurring FFO (excluding one-time items) was $0.56/share, $0.03 below our estimate and $0.06 below Street consensus. Variance to our estimate was primarily higher-than-expected interest expense and lower tenant recoveries.Occupancy was 92.2% in the same-property pool (-60bps from 2Q 2010), and REG recorded 2Q comparable NOI down 0.3% (ex termination fees); REG signed 1.36 million SF, maintaining strong velocity, but rents fell a fifth straight quarter, off 1.0% (cash basis)." Morgan Keegan rated Regency Centers a Market Perform with a price target lowered from $48.00 to $40.00. Regency Centers Corporation closed Tuesday at $37.02.