Cowen Raises Simon Property Group (SPG) FFO Estimates

Cowen analyst, James Sullivan, raised Simon Property Group (NYSE: SPG) FFO estimates by $0.03 to $10.18 for 2015 and to $10.95 for 2016. Demand for A-quality mall space remains robust as retailers look to expand in the best assets while supply growth remains low. Outperform and the $254 price target.

He increased his 2015 and 2016 estimates $0.03 to $10.18 and $10.95. The 2015 estimate compares to the FY guide of $10.10 - $10.15. He also raised his 2015 FFO estimate to $9.96 from $9.93.

Simon shares trade at a 26.0% discount to his $251.70 NAV estimate, 5.2% implied cap rate, and 17.0x 2016 FFO/share estimate vs. the A-Mall peer group which trades at a 29.1% discount to his NAV estimates, 5.3% implied cap rate, and 17.5x 2016 FFO/share estimates.

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 $186.34 yesterday.

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