In a report released yesterday, Richard Hill from Morgan Stanley maintained a Hold rating on Simon Property (SPG), with a price target of $63.00. The company’s shares closed last Monday at $54.73, close to its 52-week low of $43.52.
According to TipRanks.com, Hill is a 2-star analyst with an average return of -4.3% and a 51.5% success rate. Hill covers the Financial sector, focusing on stocks such as Taubman Centers, American Assets, and SITE Centers.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Simon Property with a $137.45 average price target, a 152.4% upside from current levels. In a report issued on March 10, Jefferies also downgraded the stock to Hold with a $109.00 price target.
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Based on Simon Property’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.49 billion and net profit of $511 million. In comparison, last year the company earned revenue of $1.46 billion and had a net profit of $714 million.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SPG in relation to earlier this year.
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Simon Property Group, Inc. operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in December 1993 and is headquartered in Indianapolis, IN.
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