UPDATE: JP Morgan Reiterates Simon Property Group at Overweight Following Q4 Takeaways
JP Morgan maintained Simon Property Group (NYSE: SPG) with an Overweight rating and a $178 price target.
JP Morgan said, "From an operational standpoint, the quarter's takeaways were similar to prior quarters' trends (a good thing) with leasing spreads continuing to steadily move up and occupancy moving higher on a YoY basis. Given the portfolio's low occupancy cost and mid-to-high $30s near-term expiring rent levels, we believe there is a good visibility for maintaining/growing rent spreads. On the investment front, SPG continues to reinvest its retained cash flow into its sizeable development/redevelopment pipeline, which we estimate should drive about 3% FFO/growth annually."
Simon Property Group closed at $161.97 on Friday.
Latest Ratings for SPG
|Apr 2016||Mizuho Securities||Initiates Coverage on||Buy|
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