Analyst Andrew Rosivach said that shares are trading at a discount relative to its strip mall peers and overall coverage.
Shopping mall developer Simon Property Group is a "cash engine," according to Wolfe research. The firm upgraded the company to outperform from peer perform. Its price target of $127 implies 7.4% upside from where shares closed on Wednesday. Including dividends, Wolfe sees a return of about 15%. "We expect internal growth to be relatively stable as share is taken from closing malls.
While Rosivach expects the real estate business to remain relatively stable, he added that a decline in retail sales amid a difficult macro backdrop is an overhang on the company. "However, on an encouraging note, Authentic Brands Group, where SPG held a 12.3% position as of March 31, recently received incremental investment from General Atlantic," he noted. The company is currently trading at a discount to Wolfe's strip center and overall coverage, said Rosivach.
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