UPDATE: Jefferies Reiterates Simon Property Group at Buy Following Earnings Beat

Jefferies maintained its Buy rating and $181.00 price target on Simon Property Group (NYSE: SPG).

Jefferies noted, "The earnings beat & strong operating results are a positive, but 2013 guidance suggests just 6% YoY FFO/sh growth. Investors may be unimpressed unless guidance once again proves to be conservative. The beat vs. JEF was driven by higher rev (+$0.07), lower operating expenses (+$0.02), real estate taxes (+$0.01), repairs and maintenance (+$0.01), other expenses (+$0.03). Depreciation and amortization add back from unconsolidated entities also provided +$0.08 versus our estimates. These were offset by higher advertising and promotion (-$0.05), higher interest expense (-$0.04), and higher provision for credit losses (-$0.01)."

Simon Property Group closed at $161.97 on Friday.