Zacks Investment Research upgraded shares of Simon Property Group Inc. (SPG) from NEUTRAL to OUTPERFORM on July 30, 2012, with a target price of $193.00.
We are changing our long-term recommendation for Simon Property from Neutral to Outperform driven by its strong second quarter results and favorable outlook for the year. Simon Property reported FFO of $1.89 per share, which beat the Zacks Consensus Estimate by $0.09. Simon Property is the largest publicly traded retail real estate company in North America, with a strong portfolio of assets across almost all retail distribution channels. The geographic and product diversity of the company is a significant competitive advantage. Furthermore, the company has a strong balance sheet with adequate liquidity. However, a significant development pipeline undermines the long-term growth potential of the company going forward.
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