SKT - Simon Property Group gets Buy rating at BofA on Q2's rebound from COVID

BofA Securities analyst Craig Schmidt upgrades Simon Property Group (NYSE:SPG) to Buy from Neutral as the mall REIT's Q2 results mark an inflection point, with its first positive same-store net operating income and occupancy improvement since COVID. Lifts price target to $150 from $141; implies 16% upside potential to Tuesday's close. Schmidt sees redevelopment as positive catalyst for the stock. "After a 12-month hiatus, SPG is becoming more aggressive in its mixed-use redevelopment pipeline given strong demand for mixed-use assets," he writes in a note to clients. He cites Simon Property (SPG) restarting the permitting process on Brea Mall in Orange County, CA, and Stoneridge in Northern California. SPG shares slip 0.2% in premarket trading. Schmidt's Buy rating contrasts with the Neutral Quant rating and agrees with the Bullish average Wall Street rating (6 Very Bullish, 4 Bullish, 10 Neutral). Simon Property's (SPG) Enterprise/Sales (trailing twelve months) at 14.88 exceeds that of mall

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Simon Property Group gets Buy rating at BofA on Q2's rebound from COVID