Citi Resumes Simon Property Group (SPG) at Neutral (earlier)
- Dow hits milestone, S&P breaks record high on tech rally
- Thermo Fisher Scientific (TMO) to Acquire PPD, Inc. (PPD) for $47.50/sh, $17.4 Billion
- U.S. retail sales post largest gain in 10 months; weekly jobless claims fall
- Dell (DELL) Gains on Spin-Off of its 81% Stake in VMware (VMW), Analysts Bulled-Up as It Could Unlock $20 Per Share of Value for DELL
- The Stock Market is Almost 'Completely Broken' - Einhorn
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Oppenheimer Starts F-Star Therapeutics Inc. (FSTX) at Outperform
- Russel Metals Inc. (RUS:CN) (RUSMF) PT Raised to Cdn$31 at RBC Capital
- UPDATE: Deutsche Bank Starts CrowdStrike Holdings (CRWD) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!