Simon Property Group (SPG) PT Lowered to $170 at Citi

Citi analyst Katy McConnell lowered the price target on Simon Property Group (NYSE: SPG) to $170.00 (from $185.00) while maintaining a Neutral rating.

The analyst comments "We are updating our model to reflect recent results and forward assumptions. We are reducing our headline (published) 2025 FFO estimate to $12.21 from $12.52 to reflect the 1Q headline miss driven by the 28c of one-time and investment losses. More importantly, our 2025E core FFO decreases to $12.49 from $12.52, which primarily reflects a lower NOI forecast vs. our prior estimate. We are also decreasing our target price to $170 from $185, reflecting a ~14x 2025E Core FFO multiple, a decrease from the ~15x 2025E Core FFO multiple our prior target price assumed. We view the assumed multiple compression as warranted given the uncertain outlook on tariffs and tenant credit."

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