Goldman Sachs analyst Caitlin Burrows has maintained their bullish stance on SPG stock, giving a Buy rating yesterday.
Caitlin Burrows has given her Buy rating due to a combination of factors influencing the performance and outlook of Simon Property Group (SPG). After the fourth quarter of 2023 earnings report, she has revised her estimates for SPG, projecting core Funds From Operations (FFO) growth to be 3.9% in 2024 and 2.5% in 2025. This upward revision indicates a positive trajectory for the company’s financial health, underpinning the Buy rating.
Moreover, Burrows’ analysis suggests additional potential for FFO accretion that is not yet accounted for in the current estimates. This upside could come from strategic monetizations of Operating Partnership Unit (OPI) investments and their subsequent redeployment into higher yielding opportunities such as developments, acquisitions, or share repurchases. She estimates that such maneuvers could add 40 to 240 basis points to FFO growth annually, presenting a yet untapped value proposition for Simon Property Group’s investors.
Burrows covers the Real Estate sector, focusing on stocks such as Extra Space Storage, Hudson Pacific Properties, and Simon Property. According to TipRanks, Burrows has an average return of 1.0% and a 56.99% success rate on recommended stocks.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $167.00 price target.
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Simon Property (SPG) Company Description:
Simon Property Group, Inc. is a real estate investment trust, which is engaged in owning, acquiring and leasing of dining, shopping, entertainment and mixed-use destinations. Its real estate portfolio consists of Premium Outlets, shopping malls and The Mills and International Properties across North America, Europe and Asia.
Read More on SPG:
- Simon Property Shares Latest Financial Performance Update
- Simon Property Group Earnings Update: Did it Beat Estimate Forecasts?
- Simon Property raises dividend 8.3% to $1.95
- Simon® Reports Fourth Quarterand Full Year 2023 Resultsand Raises Quarterly Dividend
- Simon Property sees FY24 FFO $11.85-$12.10, consensus $12.17
