Jefferies Upgrades Simon Property Group (SPG) to Buy
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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."
Shares of Simon Property Group closed at $114.57 yesterday.
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