BTIG Reiterates Buy Rating on Simon Property Group (SPG) Following Complaint Filed Against Taubman (TCO)
BTIG analyst James Sullivan reiterated a Buy rating and $99.00 price target on Simon Property Group (NYSE: SPG) following a complaint filed by SPG against Taubman (NYSE: TCO) in Michigan Courts. The complaint claims that TCO breached their acquisition agreement on two grounds and that Simon was entitled to both damages and a declaration that Taubman has breached the contract, entitling Simon to terminate the agreement.
Sullivan believes that the risk to Taubman shareholders should Simon be successful in its legal action is substantial enough that Taubman is likely to consider providing Simon with a price cut in order to complete the transaction.
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Shares of Simon Property Group closed at $77.50 yesterday.