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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