Citi Resumes Simon Property Group (SPG) at Neutral (earlier)
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Citi analyst Katy McConnell resumes coverage on Simon Property Group (NYSE: SPG) with a Neutral rating and a price target of $110.00.
The analyst comments "We are resuming coverage of global retail landlord, Simon Property Group (SPG), with a Neutral/High Risk rating and $110 target price following a period of research restriction. While not immune from overall retail headwinds, we view SPG as best positioned for the recovery amongst the mall & outlet REITs from both an operational and financial perspective given the quality of the company’s assets, management team, balance sheet and the company’s investments, vehicles and partnerships on the retailer front. In addition, the recently acquired Taubman portfolio only further increases SPG’s share of the high quality mall universe in the U.S. and provides future value creation opportunities. Our Neutral/High Risk rating reflects the recent share price gains, as well as near-term risk around additional rent/tenant fallout and releasing economics. After incorporating the TCO deal, 4Q results, and 2021 guidance we are updating our 2021 FFO estimate to $9.71 and 2022 to $10.12."
Shares of Simon Property Group closed at $109.43 yesterday.
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