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Fly News Breaks for February 4, 2020
TCO, SPG
Feb 4, 2020 | 13:09 EDT
Stifel analyst Simon Yarmak lowered his price target for Simon Property (SPG) to $150 from $160, while keeping a Hold rating on the shares as M&A chatter overshadows "uninspiring" 2020 outlook. While the analyst has no knowledge of any M&A activity, he notes that Bloomberg reported that Simon Property had been in merger talks with Taubman Centers (TCO). Yarmak believes this could explain why Simon Property did not buyback any stock in the quarter, and sees this potentially supporting the sector near-term.