UPDATE: BofA Securities Upgrades Simon Property Group (SPG) to Buy
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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."
Shares of Simon Property Group closed at $129.54 yesterday.
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