Simon Property Group (SPG) Stock Price Target Raised at Barclays

Simon Property Group's (SPG) price target was raised to $245 from $233 at Barclays on Monday.
By Amanda Albright ,

NEW YORK (TheStreet) -- Barclays raised its price target on Simon Property Group (SPG) - Get Report to $245 from $233 on Monday. The firm maintained its "overweight" rating on the stock. 

The Indianapolis-based real estate investment trust operates malls across the U.S. Last week, Simon Property reported 2015 third quarter funds from operations of $2.54 per share, which was 7 cents higher than expectations, Barclays said.

"Despite a still challenging retail environment, retailer demand for quality space remains high, allowing SPG to achieve pricing power, a trend we view as sustainable," the firm noted.

Simon Property should also benefit from fewer bankruptcies in 2016.

Shares of Simon Property Group were up 1.24% to $204.12 in midday trading on Monday.

Separately, TheStreet Ratings team rates SIMON PROPERTY GROUP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate SIMON PROPERTY GROUP INC (SPG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, solid stock price performance and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: SPG

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