Simon Property: Rises as Evercore ISI upgrades to 'outperform'

SPG

26/04/2021 13:48

** Shares of  U.S. mall operator  SPG.N  rise 1.6% to $118.8
premarket as Evercore ISI upgrades to "overweight" from "in
line"
    ** Lifts PT to $128 from $112, implying a 9.5% upside to
stock's last closing price
    ** Brokerage says the market is focused on the economic
recovery, which includes pent-up demand in H2; expects stock to
trade on this sentiment over the next several months
    ** Brokerage sees a lower fallout of tenants in Q1 for SPG
    ** Overall, there is a little downside risk to earnings for
the mall companies given the focus has shifted to economic
recovery as a result of government stimulus and pent-up consumer
demand, brokerage says
    ** Tanger Factory Outlet  SKT.N  to report results next
week, while those of Macerich Co  MAC.N  and SPG will follow the
week after 
    ** SPG shares up ~37% this year, the best performing stock
on the S&P 500 real estate index  .SPLRCR 

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))