Morgan Stanley Pounds the Table on Simon Property Group (SPG)

Morgan Stanley analyst Richard Hill reiterated an Overweight rating and $180.00 price target on Simon Property Group (NYSE: SPG) noting that shares have sold-off -10.4% since Nov. 5th to now trade below DCF implied intrinsic value.

The analyst sees this as a potential attractive entry point, stating "While renewed COVID concerns and a hawkish Fed certainly contributed to the weakness, we argued in our post 3Q21 update that there may be consolidation in share prices given the strength of the YTD rally. Indeed, it's important to remember that SPG has generated +85% YTD total returns, +22% since the end of September and +6% since the Company reported solid 3Q21 earnings that beat cons by $0.31, ex. a non-cash gain, while raising the '21 guide by $0.85 to $11.60".

For an analyst ratings summary and ratings history on Simon Property Group click here. For more ratings news on Simon Property Group click here.

Shares of Simon Property Group closed at $147.72 yesterday.

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