UPDATE: BofA Securities Upgrades Simon Property Group (SPG) to Buy

August 4, 2021 6:51 AM EDT
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Price: $133.85 -0.94%

Rating Summary:
    15 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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(Updated - August 4, 2021 6:52 AM EDT)

BofA Securities analyst Craig Schmidt upgraded Simon Property Group (NYSE: SPG) from Neutral to Buy with a price target of $150.00 (from $141.00).

The analyst comments "We raise our PO to $150 from $141 and upgrade SPG to Buy from Neutral. Big picture, SPG’s 2Q results far exceeded our expectations. Positive SS (same-store) NOI and occupancy improvement for the first time since COVID were key positive inflection points, in our view. 2Q FFO/sh of $2.92 was +54c above the Street (excluding a non- cash gain of $0.32/sh from the reversal of a deferred tax liability at Klepierre). Domestic property NOI was up +13.4%, marking the first positive NOI trend in the last 5 quarters. Occupancy also turned the corner, up +100bps to 91.8%. SPG raised guidance by $1.00 to a new midpoint of $10.75 (+99c above the Street), which represents roughly +18% FFO growth compared to 2020. We note the guidance midpoint of $10.75 assumes a quarterly FFO/share run rate of $2.51 in 3Q and 4Q."

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 $129.54 yesterday.


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