UPDATE: Morgan Stanley Removes PT on Simon Property Group Following Announcement of Spin-Off Plans

In a report published Monday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Overweight rating on

, but removed the $186.00 price target. In the report, Morgan Stanley noted, “We have been proponents of a spin-off for some time and recently upgraded SPG based on our assessment that the sum-of-the-parts exceeds SPG's existing valuation on a combined basis. We believe the spin-off unlocks value embedded in the portfolio that should drive higher valuations.” Simon Property Group closed on Friday at $151.63.