Jefferies Upgrades Simon Property Group (SPG) to Buy
Get Alerts SPG Hot Sheet
Rating Summary:
13 Buy, 14 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 39
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(Updated - April 16, 2021 5:55 AM EDT)
Jefferies analyst Jonathan Petersen upgraded Simon Property Group (NYSE: SPG) from Hold to Buy with a price target of $130.00 (from $112.00).
The analyst comments "Trading at a 2x-2.5x turn discount to its 5y avg on consensus P/FFO (13.9x vs 2021:11.9x 2022: 11.3x), SPG's valuation can grow. Occupancy & renewal spreads remain pressured NT, but retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts, in addition to external growth opportunities. Achievable 2021 guidance, low 2022 consensus expectations (+4.8% Y/Y FFO/ps) augur potentially higher earnings revisions and multiple expansion."
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 $114.57 yesterday.
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