Fly News Breaks for February 5, 2020
Feb 5, 2020 | 09:01 EDT
Wells Fargo analyst Tammi Fique lowered Simon Property's (SPG) price target to $182 from $198 to reflect a higher cap rate on Fique's calculation of net asset value due to lower near-term growth assumptions and limited transaction activity to justify cap rates. The analyst notes that earnings results were overshadowed by news reports that Simon and Taubman (TCO) are in merger talks. While Fique believes that Simon Property should ultimately trade at a multiple more reflective of its blue chip status, negative sentiment around brick and mortar retail and slower growth due to bankruptcies have pressured the stock. The analyst has an Overweight rating on Simon's shares.
News For SPG;TCO From the Last 2 Days