Market Overview

Why Simon Property's Stock Is Trading Higher Today


Simon Property Group (NYSE: SPG) shares are trading higher on Wednesday after Goldman Sachs reinstated its Buy rating on the stock and announced a price target of $94 per share.

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 106 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center and big-box retailers), four lifestyle centers and 14 other retail properties.

Simon's portfolio averaged $693 in sales per square foot over the past 12 months. The company also owns a 21% interest in Klepierre, a European retail company with investments in shopping centers in 16 countries, and joint venture interests in 29 premium outlets across 11 countries.

Simon Property shares were trading up 2.25% at $69.92 at the time of publication on Wednesday. The stock has a 52-week high of $165.48 and a 52-week low of $42.25.

Latest Ratings for SPG

Jul 2020Deutsche BankMaintainsBuy
Jul 2020Goldman SachsReinstatesBuy
Jun 2020StifelMaintainsHold

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