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
|Mar 2017||Goldman Sachs||Downgrades||Buy||Neutral|
|Jan 2017||SunTrust Robinson Humphrey||Downgrades||Buy||Hold|
|Aug 2016||BTIG Research||Initiates Coverage on||Buy|
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