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Why Simon Property's Stock Is Trading Higher Today

Tanzeel Akhtar

Simon Property Group (NYSE: SPG) shares are trading higher on Wednesday after Goldman Sachs reinstated its Buy rating on the stock and announced a price target of $94 per share.

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 106 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center and big-box retailers), four lifestyle centers and 14 other retail properties.

Simon's portfolio averaged $693 in sales per square foot over the past 12 months. The company also owns a 21% interest in Klepierre, a European retail company with investments in shopping centers in 16 countries, and joint venture interests in 29 premium outlets across 11 countries.

Simon Property shares were trading up 2.25% at $69.92 at the time of publication on Wednesday. The stock has a 52-week high of $165.48 and a 52-week low of $42.25.

Latest Ratings for SPG

Date

Firm

Action

From

To

Jul 2020

Goldman Sachs

Reinstates

Buy

Jun 2020

Stifel

Maintains

Hold

Jun 2020

JP Morgan

Maintains

Neutral

View More Analyst Ratings for SPG
View the Latest Analyst Ratings

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