JP Morgan Reaffirms Rating on Simon Property Group (SPG)
JP Morgan reported on Monday that they have reaffirmed their current rating on real estate investment trust(REIT), Simon Property Group, Inc(SPG).
The firm has reiterated their “Overweight” rating and $178 price target for the company. This price target suggests a 12% increase from the stock’s current price of $157.03.
A JP Morgan analyst commented, “we are updating our model and estimates to account for the $1.25 million of senior notes that were issued as well as the announced 50/50 joint venture with Tanger Factory Outlets (SKT – N) to develop two outlet centers in the United States. As a result, we are maintaining our 2012 and 2013 FFO estimates of $7.87/share and $8.42/share, respectively and we are increasing our 2014 FFO estimate by $0.02/share to $8.97.”
Simon Property shares were up $1.06, or 0.63% during Monday afternoon trading. The stock is up 22% YTD.
The Bottom Line
Shares of Simon Property Group (SPG) have a 2.80% dividend yield based the latest intraday stock price of $157.08. The stock has technical support in the $147-$150 price area. If the stock can firm up, we see overhead resistance around the $160-$164 price levels.
Simon Property Group, Inc(SPG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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